Unitholders give green light to Pavilion REIT's RM480 mil hotel acquisitions
Post-acquisition, the hotels will comprise approximately 5.
Post-acquisition, the hotels will comprise approximately 5.
This low-density, freehold project is directly connected to Pavilion Bukit Jalil Mall and is in proximity to the 80-acre Bukit Jalil Recreational Park.
The REIT’s distributable income for 4QFY2024 stood at RM88.
After acquiring two premier hotels namely Banyan Tree Hotel and Pavilion Hotel in Kuala Lumpur for a sum of RM480 million.
Pavilion REIT said the acquisitions align with its commitment to deliver premium offerings while capitalising on synergistic opportunities with Pavilion KL mall.
Quarterly revenue grew 4% to RM207.
Net profit for the January-June period of RM150 million accounted for 44% of the consensus full-year estimate, though analysts expect earnings to catch up with forecasts on the back of higher tourist arrivals, year-end shopping season, and improved occupancy rates.
Pavilion REIT, whose share price has risen 14.
Shares in Pavilion REIT edged up 1.
Pavilion KL and the Pavilion Elite remained PavREIT's largest earnings contributors, accounting for about 77% (Pavilion KL) and 10.