KUALA LUMPUR (April 9): Royal Group is acquiring the DoubleTree by Hilton Hotel Kuala Lumpur from asset manager Blackrock for RM388 million.
DoubleTree by Hilton Hotel Kuala Lumpur is located within The Intermark commercial development along Jalan Tun Razak here.
Announcement of the sale of DoubleTree by Hilton Hotel Kuala Lumpur confirmed a report carried by The Edge Malaysia business and investment weekly (The Edge Malaysia Weekly) in Dec 2013. The Edge Malaysia Weekly had then reported the hotel could be sold for an estimated RM350 million.
In a statement today, real estate entity Royal Group said it had signed the sale and purchase agreement with Blackrock.
Royal Group said the acquisition reinforced its regional expansion into the hospitality sector.
"DoubleTree by Hilton Kuala Lumpur is a strong and successful name within the industry and a leader in delivering a warm and rewarding hospitable experience.
Adding this property to our portfolio of preferred brands not only broadens our hospitality and lifestyle footprint in Malaysia, but also enables us to accelerate the growth of hotels across Asia," Royal Group said.
Blackrock acquired DoubleTree by Hilton Hotel Kuala Lumpur in October 2013. This followed Blackrock's acquisition of Australia's Macquarie Global Property Advisors.