SINGAPORE: Real estate tycoon Asok Kumar Hiranandani of Singapore-based Royal Group has bought DoubleTree by Hilton Kuala Lumpur from a private real estate fund managed by BlackRock.
Royal Group Holdings, a property group which leans more towards the hospitality sector, bought the 540-room, four-star hotel for RM388 million (S$144.85 million), a source from Royal Group said.
A hotel employee said the hotel generally had an occupancy rate of 75 per cent.
According to the Royal Group website, the company was established in 1947 and its main business is in the development and management of real estate. Its portfolio includes a wide range of residential, industrial and commercial properties that include offices, malls and hotels with assets scattered in different parts of the world.
