“The agreement sees the takeover of all operations and businesses from the previous owner [Damansara REIT Managers] as well as all other interests,” Smartwheels Group adviser Datuk Khairul Anwar Rahmat told a media conference here yesterday.
“Smartwheels Group also has a short and
long term corporate turnaround plan to improve and enhance the value of the new
assets,” he said.
Khairul said Smartwheels will invest RM20 million to
improve facilities at Hotel Selesa Johor Baru and RM10 million in Menara
Metropolis, which will be enhanced to meet the Grade A standard for an office
building. Khairul said Johor Baru at present faces a shortfall of 11,000 hotel
rooms following the advent of a number of new attractions such as Legoland
Malaysia, Hello Kitty and Johor Premium Outlets.Hotel Selesa Johor Baru will be turned into a four-star hotel. — Bernama
This article
first appeared in The Edge Financial Daily, on February 28, 2014.
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