YTL Hospitality REIT is announcing the purchase of Hotel Stripes Kuala Lumpur for RM138 million:
Hotel 25, a hotel operator, is an indirect wholly owned entity of YTL Corp Bhd, which is an indirect main stakeholder of Pintar Projek Sdn Bhd through its majority stake in YTL Land Sdn Bhd, Pintar Projek's parent company.
YTL Corp is also a significant unitholder in the YTL Hospitality REIT, which has a market value of around RM1.7 billion. The REIT is managed by Pintar Projek.
Following the conclusion of the proposed acquisition, the hotel will be leased back to Hotel 25 for an initial term of 15 years, with an option to renew the lease for another 15 years, according to a filing with Bursa Malaysia.