Boustead has accepted a Singapore-based company's offer to buy Royale Chulan Bukit Bintang Hotel for RM197mil.

Boustead accepts Hotel Royal offer to buy Royale Chulan Bukit Bintang


Tuesday, 19 Feb 20197:42 PM MYT


KUALA LUMPUR: Boustead Holdings Bhd

image: https://cdn.thestar.com.my/Themes/img/chart.png has accepted a Singapore-based company's offer to buy Royale Chulan Bukit Bintang Hotel for RM197mil.



"With this attractive offer price, we are of the view that this is the right time to dispose of this hotel,” it said in a statement today.




Wholly owned subsidiary, Boustead Hotels & Resorts Sdn Bhd, on Tuesday accepted Hotel Royal Ltd offer to aqcuire the hotel.

The sale consideration, Boustead said, was reached on a willing-seller-willing-buyer basis.




Boustead owns two Royale Chulan hotels in Kuala Lumpur - Royale Chulan Bukit Bintang and Royale Chulan Kuala Lumpur, which are both within close proximity to and competing with each other.



The proposed disposal would allow the group to consolidate and focus on Royale Chulan Kuala Lumpur, to better capture the market.




Read more at https://www.thestar.com.my/business/business-news/2019/02/19/boustead-accepts-hotel-royal-offer-to-buy-royal-chulan-bukit-bintang/#swXvJoy0fkZzT0oY.99