Boustead To Acquire London's Hyde Park Hotel For US$43.71 Million

KUALA LUMPUR, July 25 (Bernama) -- Boustead Holdings Bhd (BHB) is expanding its property division with the proposed acquisition of Hyde Park Hotel in London for US$43.71 million (RM138.98 million). In a statement Thursday, the company said a sale and purchase agreement was entered into with Pastel Estate Limited to acquire the 68-room freehold hotel which was strategically located in Bayswater, London. "Given its prime location in Central London, the hotel represents a viable opportunity for the group to capitalise on the growing hotel market and hospitality industry in London," said Deputy Chairman and Group Managing Director Lodin Wok Kamaruddin. He said the strategic acquisition was aimed at strengthening the property investment portfolio and an opportunity for the company's hospitality business to grow beyond Malaysian shores. The Hyde Park Hotel is currently leased to an operator and will be purchased with the lease, said BHB. Boustead Holdings Berhad is one of Malaysia's oldest conglomerates. --BERNAMA