GuocoLand is selling a Johor Bahru hotel and the land plot it sits on for RM150 million, and will book a net gain of RM35 million, or $11 million upon completion of the deal.
The buyer of the five-star Thistle Johor Bahru is YTL Hotels & Properties, a subsidiary of YTL Corp, says GuocoLand in an SGX filing on Sept 1.
The possibility of this transaction was first reported by The Edge Malaysia on Aug 18.
Besides the 381-room Thistle Johor Bahru, GuocoLand is also open to selling another hotel, the Thistle Port Dickson Resort, according to The Edge Malaysia.
According to The Edge Malaysia, GuocoLand's asking price for the 251-room Port Dickson property is between RM135 million and RM150 million.
GuocoLand shares closed at $1.86 on Aug 29, down 1.06% for the day.
