KUALA LUMPUR (Aug 18): Marriott International Inc will continue to manage Renaissance Kuala Lumpur Hotel for another decade.

In a statement, IGB Corp Bhd said its executive director Tan Boon Lee and Marriott International asset management vice president Daphne Tan have inked a management agreement (MA) on the continuation of the hotel's management.

Renaissance Kuala Lumpur Hotel general manager and Marriott and Renaissance Hotels Malaysia Business Council chairman Robert Frager said Renaissance Kuala Lumpur Hotel has been managed by Marriott International for the past 20 years.

“We are thrilled to continue operating this iconic hotel and doing what we do best, ‘Taking Care of all our guests’ as well as our staff,” he said.

“Our staff in turn will take great care of all our guests and patrons and ensure that they return time and again,” he added.

IGB Corp announced on Monday (Aug 15) that it was selling off the five-star Renaissance Kuala Lumpur for RM765 million cash to Ventura International Sdn Bhd — formerly known as Canali Logistics Sdn Bhd.

The ultimate owners of Canali Logistics are said to be from Bangladesh and connected to the S Alam Group.

IGB purchased the property for RM506.6 million in 1996 and expects to make a net gain of about RM85 million for the financial year ending Dec 31, 2017 (FY17), from the disposal.