News about hospitality

YTL Hospitality Real Estate Investment Trust's (YTL REIT) net property income (NPI) rose to RM66 million in 2QFY23 from RM55 million in the preceding quarter, while income available for distribution increased to RM27 million from RM17.

"The group's plans to expand its New York gaming operations under Genting Malaysia Bhd may affect its credit quality, but such developments, including the timing and funding structure of the investment, ultimately hinge on the awarding of the casino licence, which remains uncertain at this point.

On prospects, both GenM and Genting remain cautiously optimistic about the near-term outlook of the leisure and hospitality industry and remain positive in the longer term.

At the operating level, Tropicana recorded profits of RM61.

KUALA LUMPUR (Oct 15): Axteria Group Bhd, which was formerly known as Acoustech Bhd, announced on Friday it has signed a non-binding letter of intent with Far East Hospitality Management (S) Pte Ltd (FEH) expressing its intent in managing the hotel and serviced suites located in Kota Laksamana, Melaka which are currently being developed by its wholly-owned subsidiaries Axteria Assets Sdn Bhd and Axteria Eco Sdn Bhd.

KUALA LUMPUR (Sept 2): YTL Hospitality REIT is currently on the lookout for quality assets amid the industry downturn led by the pandemic, and does not rule out potential acquisitions in the near-to-medium term with the emergence of yield-accretive assets, analysts said.

The global pandemic has confronted the hospitality sector with an unprecedented challenge.

SINGAPORE (July 27): CDL Hospitality Trusts (CDLHT) is mulling to diversify its investment strategy besides hospitality assets to include rental housing, co-living, student accommodation and senior housing, reported The Edge Singapore on July 26.

KUALA LUMPUR (July 15): Berjaya Corp Bhd (BCorp) plans to privatise subsidiary Berjaya Land Bhd (BLand) and sell Berjaya Sports Toto Bhd (BToto) under the diversified group's strategic transformation plan, which includes a proposed hospitality real estate investment trust (REIT).

KUALA LUMPUR (June 11): AmInvestment Bank Research has cut its fair value (FV) for Pavilion Real Estate Investment Trust (REIT) and IGB REIT, while increasing its FV for Sunway REIT.