Maryland-based India Globalization Capital has acquired a 10-percent stake in a 1,000-room luxury hotel development project in Genting Highlands, Malaysia. Consideration for the transaction was 4,000,000 IGC common shares.
The project is close to Resorts World Genting (pictured), a hilltop resort destination with an indoor theme park and a casino. Global visitors come from China, Korea and The Middle East. Cabaran Ultima, IGC’s project development and management company, will oversee the estimated $262-million venture.
“We see this opportunity in Genting Highlands as a watershed event for IGC,” IGC CEO Ram Mukunda said in a statement. “It allows us to participate in a significant luxury hotel development project that offers strong potential returns over a five-year period and leverages our operational expertise from Cabaran Ultima, which we acquired in February 2016. There is a strong demand for hotel rooms and service apartments in the area.”