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The 526-room hotel is YeaShin International’s inaugural hospitality venture in Malaysia.

The five-star hotel offers 298 rooms and was designed in collaboration with Hirsch Bedner Associates, incorporating Baba-Nyonya-inspired aesthetics.

EcoWorld International achieved RM531 million sales exchanges plus reserves of RM50 million adding up to a total of RM581 million FY2024.

The project will be fully funded by Malaysia Airports Holdings Bhd (KL:AIRPORT), or MAHB, through an investment-recovery model, without the need for government guarantees, Transport Minister Anthony Loke noted.

Embassy Gardens, which brought in RM224 million sales, was the biggest contributor, followed by Wardian (RM146 million), and Millbrook Park (RM55 million).

Some of these hotels include The Millen in Penang, which is slated to open later this year; Iconic Marjorie Hotel in Penang, via a franchise agreement with Iconic Penang Sdn Bhd, to open by year end; Sheraton Johor Bahru in Johor in 2025; and The Westin in Penang, via a collaboration with Westfield Global Sdn Bhd, in 2026.

Following the opening of the Penang Marriott Complex, Marriott International now has 50 properties in Malaysia.

Separately, Signature announced that its net profit for the second quarter ended June 30, 2024 (2QFY2024) halved to RM10.

The sale is expected to be completed by the first quarter of 2025.

Barring any unforeseen circumstances, the proposed private placement is expected to be completed by 1Q2025.