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KUALA LUMPUR (March 20): The Genting Group has obtained preliminary approval for its proposed development of a 300-room hotel within the vicinity of a country bus terminal in Omni, Miami, according to a real estate publication in the US.
A report by real estate publication The Real Deal said that Miami Dade’s County Commission’s transportation committee had “unanimously agreed” to lease the public asset to the conglomerate for 90 years.
However, the approval for the 90-year lease will only be decided in April, the report said.
Miami-Dade County Mayor Carlos Gimenez said in a memo that should the deal with Genting Group materialise, it would generate close to US$55 million (RM243.7 million) in revenue for the county.
Genting Group had submitted its bid following the county’s request for proposals to refurbish the bus terminal and an adjacent Metromover station. Additionally, it would also build its proposed hotel over the ground-level terminal.
Further, the group is also said to be working on a plan to build a marina on the Miami Herald’s old property along Biscayne Bay, which it purchased for US$236 million in 2011.
Initially, the group had planned to build a casino resort but failed to lobby against the state, whose law does not permit the casino development.
At 12pm, Genting Bhd’s share price stood 0.1% higher at RM9.80, valuing it at RM36.42 billion. — theedgemarkets.com
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