PNB brings Park Hyatt Hotel to PNB 118; says the address a prestigious attraction

PNB brings Park Hyatt Hotel to PNB 118; says the address a prestigious attraction
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KUALA LUMPUR (Feb 27): Permodalan Nasional Bhd (PNB), which is on the lookout for tenants for its iconic PNB 118 Tower, believes the building, set to be the tallest building in Southeast Asia and the third tallest in the world, is a prestigious address that will attract global corporations to establish their offices there.

At present, half the office space in the tower will be occupied by PNB and its strategic companies as anchor tenants, said PNB Group chairman Tan Sri Abdul Wahid Omar. The marketing push to get the rest of the office spaces filled will start soon, he said.

"Our marketing agents are now busy working hard with the planning [department] to get the tenants required to fill up the rest of the office spaces," he said at a press conference today.

"For PNB, this is an investment in real estate. From our perspective, by building this iconic tower, it will improve the value of the surrounding area and thus like any other iconic buildings, will create the demand for such an address," he said when asked about the current office space glut Kuala Lumpur faces.

The PNB 118 tower will comprise 17 floors of hotel space, 14 floors for transfers and amenities, four floors for its observation deck, and 83 floors for office spaces. Forty-two of the 83 office floors will be taken up by PNB and its strategic companies while the remaining 41 floors will be let out to other tenants.

Today, PNB Merdeka Ventures Sdn Bhd, a wholly-owned subsidiary of PNB and the owner of PNB 118, inked a management contract with Hyatt Hotels Corp to bring the Park Hyatt luxury hotel brand into the tower. The hotel will take up the top 17 floors of the tower.

"After going through a few rounds of selection process among high-end luxury hotel operators, Park Hyatt came out on top. This (PNB 118) is going to be a global world class development which is iconic to the skyline of Kuala Lumpur, so we want to marry what we have with a luxury hotel operator that is world class and leading in the luxury market. We believe Park Hyatt is what we're looking for," Wahid said at the signing ceremony.

"We are delighted to collaborate with PNB Merdeka Ventures Sdn Bhd and support their vision to continually reinforce Kuala Lumpur's position as a historic and innovative destination. We [are] thrilled that our first Park Hyatt branded hotel in Malaysia will be located in what will soon be one of the city's most iconic building," said Hyatt Hotels Corp Asia Pacific group president David Udell.

The Park Hyatt hotel in PNB 118 will offer 232 guest rooms — including 28 suites and 30 serviced apartments — with 20,000 square ft of space for meeting spaces and events.

Apart from that, the hotel will offer luxury dining experiences with its 170-seat all-day restaurant and a 250-seat sky bar and restaurant. The hotel also includes a spa, a fitness centre and a swimming pool.

The PNB 118 tower is expected to be completed in 2020, while the Park Hyatt Hotel is expected to receive its first guests by 2021.

To date, the substructure works for the tower have been completed. The construction of some 40 stories of the tower is expected to be completed by year end.