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| PPHR to invest RM70m in two Malaysian properties [ 14/11/2002 ] |
PLAZA Pacific Hotels & Resorts International Pte Ltd (PPHR) will pump in around RM70 million in its two Malaysian properties over the next year.
Board director and senior vice-president Scott Butcher, in a recent statement, said Parkroyal Kuala Lumpur will receive around RM50 million while RM20 million will be pumped into the upgrading of Parkroyal Penang.
He said the multi-million ringgit investment into its Malaysian properties reflects the group’s continued commitment as well as confidence in the strong potential of the country’s tourism industry.
“The acquisition and use of Parkroyal brand name is a strategic move as its established reputation in the region will provide the company with a very strong platform for growth,” he added.
Last November, PPHR parent company Hotel Plaza Ltd paid RM55 million to fully acquire the remaining interest in Parkroyal Kuala Lumpur and Penang, taking the total asset value of the two properties to just over RM170 million.
Following that, PPHR was awarded the management contracts for both hotels.
Butcher said Singapore-based PPHR will use the Parkroyal brand across the region and apply a strategy of acquisitions and management contracts in developing the hotel group.
He is confident that PPHR will benefit from recognition of the Parkroyal brand and demand for the product.
“The brand’s strategic positioning in the deluxe and superior category accommodations and our commitment to developing the brand can be seen by the significant investments in our Malaysian and Singaporean properties,” he added.
In Singapore, PPHR’s Grand Plaza Hotel and Plaza Hotel have been renamed Grand Plaza Parkroyal and Plaza Parkroyal respectively.
The company is also eyeing for prospective hotel management agreements and acquisitions in several major Asian cities including Bangkok, Jakarta and Hong Kong.
Source : NST 14/11/2002 |
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