SHAH ALAM, 10 Dec (Bernama): i-City, a 29.14 ha. freehold ultrapolis here, will have its first four-star hotel, the Hilton hotel with a gross development value (GDV) of RM200 million, by 2018.
I-Bhd deputy chairman Datuk Eu Hong Chew said the tie-up project between I-R&D Sdn Bhd, a wholly-owned subsidiary of I-Bhd, and Hilton Worldwide Manage Ltd is part of I-Bhd’s RM1 billion investment property portfolio.
The 300-room hotel, managed by Hilton Worldwide, will cater to the business community and visitors to the 25-acre (10.1 ha.) theme park, and will complement the existing Best Western i-City Shah Alam.
There are plans for a third hotel by 2020, Eu told reporters after the signing ceremony between I-R&D and Hilton Worldwide Manage for the development of the hotel here Tuesday.
I-R&D Sdn Bhd was represented by its director Tey Siew Thuan while Alex Dadak, Director of Development Asia inked on behalf of Hilton.
Eu said I-Bhd is looking at an occupancy rate of 70-80 per cent for the Best Western hotel by next year.
On another note, Eu said I-Bhd’s recent proposed corporate exercise raised some RM800 million to fund its development projects over the next five years.
The company has invested RM70 million in the theme park attractions and plans to invest another RM30 million in the next few years, he added.