Aseana Properties Buys 4 Star Hotel In Kuala Lumpur For $66M

7th Jul 2010 08:23

LONDON (Dow Jones)--Aseana Properties Ltd. (ASPL.LN), a property developer investing in Malaysia and Vietnam, listed on the official list of the London Stock Exchange, said Wednesday it has entered into an agreement through a wholly-owned subsidiary, to acquire a four-star business hotel in Kuala Lumpur for MRY217 million, or $66 million. MAIN FACTS: -Aseana is buying the hotel from Excellent Bonanza Sdn. Bhd. and will pay a deposit MRY9 million on signing the agreement while the balance is payable upon issuance of certification of completion for the hotel. -Agreement is a result of Aseana exercising its call option to purchase the hotel, pursuant to a call and put option agreement. -The hotel which will provide 482 rooms with a gross floor area of 350,000 sq ft, is currently under construction and expected to be completed by the second half of 2012. -Aseana is currently in advance negotiations with Starwood Hotel and Resorts Worldwide, Inc. to manage the hotel under its 'aloft' brand. -Aseana shares at 0720 GMT down 0.54 cents, or 1.7%, at 31.21 cents valuing the company at $100.95 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires July 07, 2010 03:23 ET (07:23 GMT)