After acquiring the Syuen Hotel in Perak for RM55 Million, YTL Hospitality REIT has announced the allocation of RM55 Million as renovation costs for the hotel.
The Board of Directors of Pintar Projek Sdn Bhd as the Manager for YTL REIT have appointed Syarikat Pembenaan Yeoh Tiong Lay Sdn Bhd, a wholly-owned subsidiary of YTL Corporation Berhad will be appointed to undertake the proposed renovation works at the Property
The parties said SPYTL was appointed due to its track record of completing diverse projects (including hotels and resorts, offices, retail and commercial properties as well as residential properties) over the last 68 years.
The renovation includes, replacing existing furniture, fittings, fixtures and finishes for rooms and common areas; repainting hotel building and installing new external facade; remodelling and/or adding events, swimming and sports facilities; upgrading and/or adding lifts and escalators; servicing and replacing (where applicable) the hotel’s operating systems, e.g. chilling, fire safety, etc; and otherareas to meet the Marriott brand standards.
The Proposed Renovation will commence as soon as practicable to enable YTL REIT to lease the Property at the earliest date to receive rental income which is expected during the 3 rd quarter of calendar year 2025.
The Renovation Costs will be funded by borrowings.
