InterContinental Hotels to manage Ho Hup’s new hotel in Sabah

KUALA LUMPUR (Jan 20): Ho Hup Construction Co Bhd has appointed InterContinental Hotels Group (Asia Pacific) Pte Ltd (IHG) to manage its new Crowne Plaza Kota Kinabalu Waterfront hotel in Kota Kinabalu, Sabah.

In a statement, Ho Hup said a management agreement was signed yesterday between its indirect 70%-owned subsidiary Golden Wave Sdn Bhd and IHG for the appointment.

The 367-room hotel, which will be constructed by Golden Wave, is expected to be completed by 2021.

In a separate filing with Bursa Malaysia, Ho Hup said the entry into the management agreement would provide an opportunity to leverage on IHG’s experience and expertise in providing technical and hotel management services, and is expected to contribute positively to future earnings of the group.

Ho Hup shares closed unchanged at 82 sen yesterday, with a market capitalisation of RM307.38 million.

This article first appeared in The Edge Financial Daily, on Jan 20, 2017. Subscribe to The Edge Financial Daily here.