Shangri-La Hotels Looking At Better Performance This Year

KUALA LUMPUR, May 18 (Bernama) -- Shangri-La Hotels (Malaysia) Bhd is looking at a better performance this year with the completion of renovation for its Rasa Ria Resort in Sabah, the easternmost state. Managing Director Kay Kuok Oon Kwong said full room inventories at the resort will be available by the second half of this year with the completion of renovation work. She said the Grand Hyatt Hotel, near the Kuala Lumpur Convention Centre here, expected to open this year, will have an impact on all the five star hotels in Kuala Lumpur as additional rooms will be added in the city. "The best performer this year is still the hotel in Kuala Lumpur while our Traders Hotel in Penang is seeing higher demand from corporate guests," she said after the group's annual general meeting (AGM) on Friday. In Yangon, Myanmar, Kuok said the operating environment was encouraging. "We have investment in Yangon and it is looking good with improving occupancy. Currently, the hotel in Yangon is undergoing renovation which will be completed beginnning next year," she said. Shangri-La Hotels is also planning on expanding in Langkawi and Johor. Kuok said the group will be also taking up a 20 per cent stake in Traders Hotel, Puteri Harbour Iskandar, Johor. "We have signed the heads of agreement to take up the 20 per cent stake but there is no formality of equity stake yet as we are still going through legalities," she said. Kuok said there are also plans to take up a 49 per cent stake in a new development project in Langkawi through a joint venture with Teluk Datai Resorts, which is part of the Khazanah Nasional group. "We are still working out the legalities and have not signed any formal joint venture agreement." For the full year ended Dec 31, 2011, the group's profit before tax was RM80.838 million (US$25.740 million), 11 per cent below that of RM91.282 million (US$29.07 million) in 2010. -- BERNAMA