PETALING JAYA: YTL Real Estate Investment Trust (YTL-REIT) is acquiring Syuen Hotel in Ipoh, Perak from Syuen Hotel Bhd for RM55mil.

In a filing with Bursa Malaysia, YTL-REIT said the 13-storey standalone hotel building had 290 rooms and ceased operations in May 2020. It was categorised as a four-star hotel.

“The property will be renovated and proposed to be reopened under the AC Hotels by Marriott brand, which the board believes will create value for YTL-REIT. It will be leased under a variable rental arrangement where YTL-REIT will participate in the income to be generated from the property,” it said.