KUALA LUMPUR (Jan 14): The W Hotel (pictured) here is up for sale with a price tag of RM360 million, according to a report by The Star.
Two out of three sources told the English daily that RM360 million is about RM2.4 million a room and that the price tag is “a bit high”.
Currently owned by developer Tropicana Corp Bhd, the same report stated that “the price the owner is seeking may be acceptable to foreign investors, especially those from China, who may view its proximity to the Petronas Twin Towers as a key determining factor”.
A source also said that the hotel represented “A sort of trophy asset”.
It was reported that the hotel had been “unofficially” on the market for quite a while at a price “that tended to be on the high side even then”.
Located on a 1.28-acre freehold site on Jalan Ampang, W Hotel is just a stone’s throw away from the Petronas Twin Towers.
According to Tropicana Corp, the 55-storey building is a 235m-tall mixed development comprising 150 hotel suites and 353 serviced residences. The hotel opened its doors in August last year.
The serviced residences are called Tropicana The Residences.
The building was designed by renowned architecture firm Skidmore, Owings & Merrill LLP which also designed the current tallest building in the world – the Burj Khalifa in Dubai.
In a report by the Options lifestyle pullout, the hotel’s Wet Deck bar “has quite a view of the Petronas Twin Towers as it is on the 12th floor”.
A Tropicana Corp employee told The Star that 90% of the residential units have already been sold, with purchasers from coming from China, Hong Kong, Taiwan, Japan, South Korea, Singapore and the US.
The homes are set to be handed over to buyers after the Lunar New Year, said the employee.
Another source said in the report that Tropicana Corp has put its properties, which include land in Johor and Langkawi, up for sale.