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Home / malaysia / MUI seeks buyer for Corus Hotel Hyde Park in London – Business News

MUI seeks buyer for Corus Hotel Hyde Park in London – Business News

KUALA LUMPUR: United Industries of Malayan BHD (MUI) is trying to sell the Corus Hotel Hyde Park in London.

The company, in a filing with Bursa Malaysia today, said its indirect unit Corus Hotels Ltd (CHL) has named N.M. Rothschild & Sons Ltd, an international investment bank as its financial advisor for the sale.

"Rothschild's appointment is to assist CHL in exploring strategic options for assets as well as to ensure that only reliable international investors are selected and considered," he said.

A report in the United Kingdom evaluated the hotel in about £ 200,000 (RM1,07bil).

MUI said today that the proposed disposal was in line with the group's strategy of streamlining business, reducing its bank lending and generating value for its shareholders.

"Hospitality will continue to be one of the group's core businesses, but the group will adopt a more focused strategy that will be more lifestyle-oriented and perhaps conducive to growing their business," he said.

In addition to its hotel business, the group is progressing to other segments of the hotel industry, such as Laura Ashley tea salons, cafes and spas.

"As recently announced by President and CEO Andrew Khoo Boo Yeow, asset rationalization, which includes selected asset disposals, will be part of the group's business transformation strategy," he said.

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