Plenitude buys Gurney hotel for RM160m

KUALA LUMPUR: Plenitude Bhd is acquiring the 259-room Gurney Resort Hotel & Residences in Georgetown, Penang from the Employees Provident Fund (EPF) for RM160.01 million, as part of its plans to expand its hotel business and operations.

This confirms The Edge weekly’s April 7 report that the Johor-based property developer was one of the bidders for the hotel situated in one of the busiest strips in Penang.

DTZ Nawawi Tie Leung Sdn Bhd is the exclusive marketing agent for the sale.

In a filing with Bursa Malaysia yesterday, Plenitude said its unit Plenitude International Sdn Bhd yesterday signed a sale and purchase agreement with the EPF for the proposed acquisition.

Gurney Resort Hotel & Residences forms part of Menara Gurney which is a 37-storey building with one basement level comprising hotel, retail and office components.

Plenitude said the proposed acquisition will be financed by a mix of internal funds and borrowings, and it is expected to be completed in the fourth quarter of 2014.

Plenitude currently owns one hotel in Penang — Four Points by Sheraton Penang.

This article first appeared in The Edge Financial Daily, on July 25, 2014.



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