News & Articles YTL REIT proposes rental increases and the refurbishment of the AC Hotel chain
YTL REIT proposes rental increases and the refurbishment of the AC Hotel chain
20 Sep 2023
KUALA LUMPUR: YTL Hospitality REIT (YTL REIT) plans to raise rental rates and refurbish three of its AC hotels in Kuala Lumpur, Penang, and Kuantan.
It has entered into three supplemental lease agreements for the three properties.
YTL REIT said that the lessees of its AC hotel chain have agreed to an increase in annual rental of RM2.7 million for all three hotels
The group has agreed to pay for the proposed RM38.5 million refurbishment of all three hotels, which would be funded by borrowings, it announced on Tuesday to the stock exchange.
The proposed rental revisions will enable it to participate in the value creation of the proposed refurbishments through additional rentals, increasing YTL REIT's distributable income and distribution per unit (DPU).
The proposed refurbishments, according to YTL REIT, will increase the market values of the AC Hotels and maintain their market positions while increasing their growth potential.
Syarikat Pembinaan Yeoh Tiong Lay Sdn Bhd (SYTL) will carry out the proposed refurbishment works on all three hotel rooms.
YTL REIT owns 10 hotel properties in Malaysia, including the JW Marriott Hotel Kuala Lumpur, The Majestic Hotel Kuala Lumpur, and The Ritz Carlton Hotel Kuala Lumpur.
It has entered into three supplemental lease agreements for the three properties.
YTL REIT said that the lessees of its AC hotel chain have agreed to an increase in annual rental of RM2.7 million for all three hotels
The group has agreed to pay for the proposed RM38.5 million refurbishment of all three hotels, which would be funded by borrowings, it announced on Tuesday to the stock exchange.
The proposed rental revisions will enable it to participate in the value creation of the proposed refurbishments through additional rentals, increasing YTL REIT's distributable income and distribution per unit (DPU).
The proposed refurbishments, according to YTL REIT, will increase the market values of the AC Hotels and maintain their market positions while increasing their growth potential.
Syarikat Pembinaan Yeoh Tiong Lay Sdn Bhd (SYTL) will carry out the proposed refurbishment works on all three hotel rooms.
YTL REIT owns 10 hotel properties in Malaysia, including the JW Marriott Hotel Kuala Lumpur, The Majestic Hotel Kuala Lumpur, and The Ritz Carlton Hotel Kuala Lumpur.
Source: NST.com.my
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