The Edge Markets |

PROSPER Group Holdings Ltd, a company linked to low-profile Sarawak tycoon Tan Sri Yee Ming Seng, is inviting offers for the Aloft Kuala Lumpur Sentral hotel. The vendor, who bought the hospitality asset 6½ years ago, hopes to fetch as much as RM430 million.

Prosper Group purchased the 482-room hotel, managed by Marriott International Inc, in 2016 from London-listed property developer Aseana Properties Ltd. Ireka Corp Bhd has a 23% stake in Aseana Properties. The group paid RM418.7 million, or RM870,000 per room, for the asset. The purchase price included the purchase of the entire issued share capital of ASPL M3B Ltd and Iringan Flora Sdn Bhd (which owns and operates Aloft) and the assumption of certain debts, assets and liabilities of Aloft.

An industry source says the vendor hopes to sell the asset at between RM420 million and RM430 million, which is slightly above its purchase price. It is worth noting that international tourism is not back at full capacity and that the property market remains tough due to the lingering effects of the pandemic.


Aloft

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