Yong Tai Divests Hotel Property
Courtyard by Marriott Melaka to Change Hands
Sale Expected to Finalize Soon
KUALA LUMPUR, Malaysia - Tourism-related property developer Yong Tai Bhd (KLYONGTAI) has announced its plans to sell the newly built Courtyard by Marriott Melaka hotel. The company, known as YTB, is reportedly close to finalizing the sale to an undisclosed buyer.
The Courtyard by Marriott Melaka is a five-star hotel that has been operational for a short time. The property is located in the heart of Melaka, a popular tourist destination in Malaysia. The hotel features over 200 rooms, a swimming pool, a fitness center, and various dining options.
YTB did not disclose the sale price or the identity of the buyer. However, the company stated that the proceeds from the sale will be used to reduce its debt and fund its ongoing operations.
The sale of the Courtyard by Marriott Melaka highlights YTB's ongoing restructuring efforts. The company has been divesting non-core assets and focusing on its core tourism-related property development business.
The sale is expected to be completed by the end of the year, subject to regulatory approvals and customary closing conditions.
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