Report: Club Med Cherating is up for sale with leaseback agreement

KUALA LUMPUR (Oct 14): The famous Club Med Cherating (pictured) is up for sale, according to a report by the New Straits Times (NST) yesterday.

The report stated that “people with knowledge on the matter” told NST that “the resort operator is rumoured to be looking for a strategic partner to take over the property”.  

Club Med senior vice-president of commercial Southeast Asia (SEA) and Marketing Asia Pacific (APAC), Vincent Ong, “confirmed” with the daily that the French resort operator is selling, but “it was in no rush to dispose of the property”.

Ong clarified that Club Med does not want to “cash out of Malaysia by selling the property” but “to enter into a sale-and-leaseback agreement with the new owner so that it may continue to manage it”.

"We have owned the property for the past 40 years and are looking for a partner now to take it to the next level. We'll keep it running as part of a long-term lease. Everything in the hospitality industry is long-term," he said.

The sale of Club Med Cherating "if it does happen, is part of the group's strategy of selling assets at a reasonable price and being asset-light”, Ong added.

The resort has 300 rooms and sits on an 85 ha site.

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