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Singaporean company to take over Royale Chulan KL

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Boustead sells the 418-room hotel for RM197 million to Hotel Royal Ltd.

KUALA LUMPUR: Singapore listed Hotel Royal Ltd is buying over the Royale Chulan Bukit Bintang Hotel in Kuala Lumpur for RM197 million from Boustead Holdings Berhad.

Boustead Hotels & Resorts Sdn Bhd today signed an agreement to sell the 418-room four-star hotel to Hotel Royal’s subsidiary Every Room A Home Sdn Bhd. The transaction was made in cash. The Royale Chulan Kuala Lumpur, located on Jalan Conlay, is facing increased competition within the Golden Triangle of Kuala Lumpur as well as online platforms such as Airbnb.

 

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