IGB planning hotel REIT

Move to unlock value of its hospitality assets locally and overseas
PETALING JAYA: IGB Corp Bhd
is said to be mulling over a hotel real estate investment trust (REIT)
to unlock the value of its hospitality assets in the country and
overseas.
Industry observers said the hotel REIT was likely to come about after the property group's 75%-owned unit, KrisAssets Holdings Bhd,
had successfully injected its two retail assets in Mid Valley City -
the Mid Valley Megamall and The Gardens shopping mall into a retail real
estate investment trust later this year.
The two retail assets
have an estimated total asset value of close to RM4bil and the retail
REIT is expected to be materialised within this year.
An analyst
with a bank-backed brokerage said IGB's new hotel REIT might be the next
in line and the plan was an indicator of a positive outlook for the
local hospitality sector.

[You must be registered and logged in to see this image.] Cititel Mid Valley is among the 16 hotel assets under IGB’s hospitality division. IGB
owns a stable of business-class as well as upmarket hotel assets and
has been streamlining the assets parked under its hospitality division.
Plans for more hotels are also under way.
Last December, IGB acquired a 50% stake in Great Union Properties Sdn Bhd (GUP),
the owner of The Renaissance Kuala Lumpur Hotel, for RM277.5mil. Upon
completion of the acquisition that is expected in the first quarter of
this year, GUP will become a wholly-owned subsidiary of IGB.
According
to the company's website, IGB has 16 hotel assets under its hospitality
division including nine in Malaysia Renaissance Kuala Lumpur Hotel, The
Gardens Hotel & Residences, Boulevard Hotel, MiCasa All Suite
Hotel, Cititel Mid Valley Kuala Lumpur, Cititel Penang, Cititel Express
Kuala Lumpur, Cititel Express Kota Kinabalu and Pangkor Island Beach
Resort.
It also owns seven hotels overseas MiCasa Hotel
Apartments Yangon, Myanmar; New World Saigon, Vietnam; St Giles Hotel
Makati Manila; St Giles Hotel The Court, New York; St Giles Hotel The
Tuscany New York; St Giles Hotel Heathrow, London and St Giles Hotel
Central London.
Meanwhile, IGB's unit, Cititel Hotel Management Sdn Bhd (CHM), is said to be building two new hotels in Penang.
The
four-star St Giles Hotel and three-star Cititel Express Hotel will cost
about RM180mil and they will be ready for business in 2014. The
32-storey St Giles Penang with about 500 rooms will be the first St
Giles hotel in Malaysia.

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ejam77 wrote:aiya...leng lui......were r u now?...

hi ejam ... long time din chat w u hw do u like ur new home? [You must be registered and logged in to see this image.]
was assigned some super urgent tasks working rd d clock no time 2 login BC o ci [You must be registered and logged in to see this image.]
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Cals wrote:+1 our newcaster cabut so long, we dunno heads or tails

nice 2 c u all carry on w d news while i was away ... [You must be registered and logged in to see this image.]