Park Hyatt to take up residence at PNB 118

KUALA LUMPUR: PNB Merdeka Ventures Sdn Bhd, a wholly owned subsidiary of Permodalan Nasional Bhd (PNB) and Hyatt Hotels & Resorts are bringing the Park Hyatt brand to Kuala Lumpur’s RM7 billion Merdeka 118 development.
Set to welcome guests in 2021, the luxury hotel will take residence in the top 17 floors of PNB 118, an 118-storey tower. Upon completion in 2020, PNB 118 will become the tallest building in Southeast Asia and the third tallest in the world.
PNB 118 overlooks Stadium Merdeka, a Unesco heritage site where Malaysia’s independence was declared in 1957.
“By introducing its signature luxury service, we are confident Park Hyatt Kuala Lumpur will significantly enhance the appeal of PNB 118 and help make the area the new business and lifestyle district in Kuala Lumpur,” PNB group chairman Tan Sri Abdul Wahid Omar said at the signing ceremony between PNB Merdeka Ventures and Hyatt Hotels today.
Park Hyatt Kuala Lumpur will be the first Park Hyatt branded hotel in Malaysia and will feature 232 guestrooms, which includes 28 suites and 30 serviced apartments.
There are currently 40 Park Hyatt hotels in locations like New York, Paris, Dubai, Sydney, Buenos Aires, Tokyo, Seoul and more.
Hyatt Hotels has a portfolio of 13 brands and has 739 properties in 57 countries.
Meanwhile, Wahid explained that the Merdeka 118 Precinct consists of three phases. The first phase, which includes PNB 118 and a retail mall, has a gross development value (GDV) of RM5 billion, while the second and third phase has a combined GDV of RM2 billion.
Foundation work for PNB 118 is completed and infrastructure works will commence in early 2018, including the construction of two tunnels for vehicular access to the tower. Overall, construction of PNB 118 has reached 13%, and is expected to reach 40% by year-end.
“The sub-structures works (of PNB 118) are completed and we’ve started the super structure and completed up to level 8. We expect to go up to (complete) level 40 by this year,” Wahid said.
With 83 floors of office space in PNB 118, he said 42 floors will be occupied by PNB and its strategic companies while the remaining 41 floors will be let out to other corporations. Its marketing team is currently planning and strategising the tenant mix.
PNB Merdeka Ventures has several projects in the Merdeka 118 pipeline, including a retail mall, a 1,000-seat theatre, a ballroom to cater up to 2,000 guests and a 3-acre Linear Park with water features.