Plenitude buys hotel in Penang for RM160M

PETALING JAYA: Plenitude Bhd plans to acquire a 259-suite hotel known as The Gurney Resort Hotel and Residences, retail units and 551 car park bays in George Town, Penang from the Employees Provident Fund (EPF) for RM160 million.
This includes the furniture, fixtures, fittings and equipments, the IT systems, the supplies and the food and beverages, the company said in a filing with Bursa Malaysia.
Plenitude via its wholly-owned unit Plenitude International Sdn Bhd has entered into a sale and purchase agreement with the EPF for the proposed acquisition.
It said the property forms part of Menara Gurney which is a 37 storey building with one basement level comprising hotel, retail and office components with separate wings for the hotel, retail and office components.
Plenitude said the property comprises a 259-suite hotel known as The Gurney Resort Hotel and Residences, retail units located on the ground to second floor of the retail posium and 551 car park bays.
It said the approximate age of the building is 14 years.
The company said it shall finance the proposed acquisition by way of combination of internal generated funds and bank borrowing.
It represent an opportunity for Plenitude to expand its hotel business and operations, where the group currently owns Four Points by Sheraton Penang and is expected to contribute positive to the future earnings.