ECM Libra Group buys Tune Hotel in Liverpool to add to its hospitality assets

• In a bourse filing, ECM Libra said it has, through its subsidiaries, on Thursday (Nov 23), inked a business purchase agreement with the vendors Castle Street Liverpool LLP and CSL Opco Ltd to acquire the two leasehold assets that are located on the popular Castle Street.

KUALA LUMPUR (Nov 24): ECM Libra Group Bhd is adding to its hospitality assets by acquiring two leasehold properties in the city centre of Liverpool, UK — the Tune Hotel and a ground floor shop with basement — for £4.5 million or about RM26.48 million.

In a bourse filing, ECM Libra said it has, through its subsidiaries, on Thursday (Nov 23), inked a business purchase agreement with the vendors Castle Street Liverpool LLP and CSL Opco Ltd to acquire the two leasehold assets that are located on the popular Castle Street.

“The hotel is a 3-star hotel with 100 en-suite guest rooms, an open lobby and reception area arranged over the ground, and four upper floors. It is strategically situated on the popular Castle Street in the heart of Liverpool city centre.

“The additional property is a ground-floor shop and basement,” said ECM Libra in a filing on Friday.

The group, which is in hotel ownership and management, said the acquisitions are a strategic diversification of ECM Libra into foreign-based assets.

According to its website, the group currently has a portfolio of seven hotels, comprising The Chow Kit, an Ormond hotel; MoMo's Kuala Lumpur; Tune Hotel KLIA2; Tune Hotel KLIA Aeropolis; Tune Hotel Penang; Tune Hotel Kota Kinabalu; and Tune Hotel Danga Bay.

The group is positive on the outlook of the new assets, as the properties' location in the heart of Liverpool city centre positions them well to benefit from tourist market catchments.

“The properties are just five minutes from Liverpool Town Hall, Liverpool One Shopping Centre, and the Cavern District, as well as a short walk from Lime Street Station and the historic Albert Dock waterfront," the group added.

ECM Libra shares closed two sen higher at 22 sen on Friday, giving the group a market capitalisation of RM102.94 million.

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