In line with plans to expand across the region, the Royal Group has entered into a sales-and-purchase agreement to acquire DoubleTree by Hilton Kuala Lumpur for RM388 million from a private real estate fund managed by BlackRock, media reported.
With this latest acquisition, the privately held Royal Group will manage a range of properties across Singapore, Malaysia and Australia, comprising residential, industrial, shopping malls, hotels and office towers.
Royal Group chairman Asok Kumar Hiranandani said: “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.”
Source: Reuters
