Royal Group acquires DoubleTree KL for RM388mil
Date：2015/04/10
![]()
Royal Group has entered into a sale and purchase agreement to buy DoubleTree by Hilton Kuala Lumpur for RM388 million from a private real estate fund managed by BlackRock.
“We’re delighted to acquire one of the most interconnected hotels in the heart of Kuala Lumpur within its unique location,” said Royal Group chairman Asok Kumar Hiranandani, noting that the acquisition is in line with the group’s expansion plans within the region.
He noted that the addition of the property to the company’s portfolio not only broadens “our hospitality and lifestyle footprint in Malaysia, but also enables us to accelerate the growth of hotels across Asia.”
Notably, the acquisition follows Royal Group’s latest appointment of Peter Wilding as managing director in February 2015 taking up the regional portfolio.
“Royal Group is at the forefront of an advanced hospitality transformation with this flagship project,” shared Wilding.
“We see long-term potential in the DoubleTree by Hilton Kuala Lumpur as we are investing in one of the largest leading hospitality properties in the Kuala Lumpur market, equipping us to broaden our portfolio and accelerate our growth in Asia Pacific,” he said.
“I’m excited to be part of the group at such a pivotal time and look forward to strengthening our position as a market leader within the industry, further capitalising on the bullish growth for hospitality in key Asia markets.”