KUALA LUMPUR (July 9): UEM Sunrise Bhd has entered into a management agreement with Hyatt Hotels & Resorts for a Hyatt House hotel in Mont’ Kiara, Kuala Lumpur, which is expected to open in 2017.
In a statement today, Anwar Syahrin Abdul Ajib, managing director cum chief executive officer of UEM Sunrise, said the management agreement is a significant milestone that marks the group’s inaugural venture into the hospitality industry.
“Hyatt House Kuala Lumpur, Mont’ Kiara addresses the needs of businesses and leisure travellers in the affluent Mont’ Kiara enclave and its wider surroundings.
“We are proud to enter into a management services agreement with Hyatt, and to bring Hyatt’s extended stay experience to Malaysia,” said Anwar.
He added that the move will service the group’s efforts in expanding its portfolio.
The hotel will feature approximately 298 guestrooms, a three-meal restaurant, meeting spaces measuring 3,100 square feet, a fitness centre and a sky pool. It will also be the first Hyatt House brand to be launched in Malaysia.
At 10:46am, UEM Sunrise (fundamental: 1.5; valuation: 2.6) rose 1.58% or 1.5 sen to 96.5 sen, giving it a market capitalisation of RM4.31 billion. The stock saw some 1.11 million shares done.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)