News about hotel

Pavilion REIT said the acquisitions align with its commitment to deliver premium offerings while capitalising on synergistic opportunities with Pavilion KL mall.

The site is situated in a prime location within Kuala Lumpur’s Golden Triangle, which encompasses the city’s financial hub as well as its main shopping and nightlife districts.

A news report last week revealed that Concorde Hotel Kuala Lumpur is up for sale at nearly RM700 million, along with the adjacent land.

"Several investors have shown interest in redeveloping the site because of its prime location.

The upcoming performance and earnings visibility would remain “tough moving forward,” they said, adding that the delisting would also cut costs and savings would be ploughed back into refurbishment of the hotels.

The group is principally engaged in hotels and service apartments, the provision of limousine services and hotel management.

The latest term loan facility is expected to increase the group’s gearing ratio to 1.

LFE said its wholly owned subsidiary LFE Engineering Sdn Bhd had accepted two letters of awards from MLG Design & Construction Sdn Bhd to be appointed as a subcontractor for the hotel project in George Town.

Of the assets that were acquired, 80% were equities while the remaining 20% comprised properties.

It features 200 rooms and 17 villas and facilities, such as a 24-hour fully-equipped fitness centre and a yoga deck, swimming pools, jacuzzi, The Qi Forest Spa & Wellness, a 551 sq m grand ballroom with a built-in LED screen, and three restaurants called Dapur, Sekoci, and Greatroom Bar and Lounge.