THE past one year saw a remarkably high number of hotel owners making the tough decision to shut down their business for good. While hotels including G City Club Hotel Kuala Lumpur and Holiday Inn Resort Penang in Penang were shuttered permanently, several others were closed temporarily, until people are allowed to travel again.
Just last week, Hotel Equatorial Penang, citing huge losses, announced that it planned to cease operations before March 31.
“Since last year, we have tracked about 90 hotels that had closed either temporarily or permanently,” says The Malaysian Association of Hotels CEO Yap Lip Seng. MAH’s data is from announcements or based on third-party reports.
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CDL to sell Penang hotel as part of portfolio review amid COVID-19 Toggle share menu
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Copthorne Orchid Hotel & Resort Penang in Malaysia. (Photo: City Developments Limited)
14 Dec 2020 02:49PM (Updated:
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SINGAPORE: City Developments Limited (CDL) said on Monday (Dec 14) its hotel arm has agreed to sell a Penang hotel for about RM75 million (S$25 million), as part of moves to streamline its portfolio amid the COVID-19 pandemic.
This will be the third non-core hotel asset that Millennium & Copthorne Hotels (M&C) has agreed to sell since the start of the year. The three assets have a combined sales value of more than S$100 million.
Published: 14 Dec 20 view(s)
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From ChannelNewsAsia:
City Developments Limited (CDL) said on 14 December that its hotel arm has agreed to sell a Penang hotel for about $25m, as part of moves to streamline its portfolio amidst the COVID-19 pandemic.
This will be the third non-core hotel asset that Millennium & Copthorne Hotels (M&C) has agreed to sell since the start of the year.
The three assets have a combined sales value of more than $100m.