Commercial Hotel

But this is only due to the major sale of Sunworld Dynasty in Q3 2020.

There are currently 315 hotels with 86,967 keys.

There were a total of eight hotel investment transactions during the quarter.

This is a sharp increase from last year’s US$168m.

Hotel investment demand is expected to grow further in the coming months.

Most hotel operators have taken a long-term approach in the city and will open new sites in the coming years.

This translates to 1,500 new rooms.

Five properties with 1,135 rooms are expected to enter the market.

Samty and Hoshino Resort are two strategic investors who recently clinched hotel properties in the country. 

One 5-star hotel project was turned into a Grade A office building instead.

It was a moderate improvement from the 40% vacancy rate the previous quarter.

Notable upcoming openings include lyf Raja Chulan Kuala Lumpur and Crowne Plaza Kuala Lumpur City Centre.

These two projects will bring a total of 542 new rooms to the market.

The midscale segment will account for 42% of the new supply.

The number of incoming international visitors will not recover to 30 million annually anytime soon.

The 48.8% occupancy in March 2021 is slightly higher compared to last year.