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PETALING JAYA (Jan 18): Singapore-listed Hotel Royal purchased the Royale Chulan Bukit Bintang Hotel Kuala Lumpur at RM177.3 million, 10% lower than the original price tag of RM197 million, according to Hotel Royal’s filing with the Singapore stock exchange.
Hotel Royal chairman Pang Eng Fong said that the final transaction price was reached on a willing buyer and willing seller basis after arm’s length negotiations.
“It was also after taking into account the prevailing market conditions and the market value of the hotel,” the hotel group said.
Owned by Boustead Group, Royale Chulan Bukit Bintang Hotel is located in the Bukit Bintang entertainment zone, and has faced increased competition within the Golden Triangle of Kuala Lumpur as well as online platforms such as Airbnb.
The hotel was put up for sale in 2019 as part of the group’s overall plan to return to profitability by way of divesting non-strategic assets.
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