Maryland company buys stake in Malaysian development

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.” 

Virtual Event

HOTEL OPTIMIZATION PART 2 | SEPTEMBER 10 & 24, 2020

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


 

Suggested Articles

The company's main markets are still substantially affected by the measures rolled out to combat the COVID-19 health crisis.

Revenue per available room and occupancy increased over Q2, but uncertainty around the industry’s recovery remains.

The integration aims to provide hoteliers with seamless and complete visibility over group, catering and event sales performance activity.