KUALA LUMPUR: Boustead Holdings Bhd has proposed to acquire Hyde Park Hotel in London for RM138.975 million (£25.7 million), in a move to expand its property operation beyond Malaysian shores.
In a statement yesterday, Boustead said it had signed a sale and purchase agreement with Pastel Estate Ltd to acquire the property, which comprises the 68-room hotel as well as freehold titles.
“Strategically located in the Bayswater area of London, the property has good accessibility to major shopping and tourist attractions as well as public transportation and amenities,” it said.
Boustead deputy chairman and group managing director Tan Sri Lodin Wok Kamaruddin said it was a strategic acquisition, aimed at strengthening the group’s property portfolio of investments.
The acquisition also provides Boustead an opportunity to take its hospitality business abroad, he said.
“Given its prime location in Central London, Hyde Park Hotel represents a viable opportunity for the group to capitalise on the growing hotel market and hospitality industry in London,” said Lodin.
“Over the years, we have grown our portfolio of properties locally and today we have an exceptionally strong stable of investments with our Royale Bintang and Royale Chulan chain of hotels.”
Hyde Park Hotel is currently being leased to an operator and it will be purchased with the lease.
This article first appeared in The Edge Financial Daily, on July 25, 2014.
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