News about hotels

The clauses ban the hotels from offering rooms on their websites at a lower rate and are seen by them as illegal.

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.

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.

Revenue increased by 49.

The existing property is a luxury condominium with a gross development value (GDV) of RM820 million.

The company said Lee and his spouse Datin Seri Joanne Yew Hong Im are currently the group’s largest substantial shareholders, with 120.

The group said Advance Opportunities Fund and Advance Opportunities Fund I have ceased to be the group’s substantial shareholders, with the former offloading its entire 65 million shares or 10.

On Wednesday, the hotels and resorts operator announced that it had entered into a Memorandum of Understanding (MoU) with Choo Kok Yeow, a major shareholder of Cafelink who represents the existing shareholders of the company, to acquire 217,000 ordinary shares in the F&B operator.

Advance Opportunities Fund ceased to be a substantial shareholder of Impiana on April 14 after selling 21.