The Royal Group entered into a sales and purchase agreement to acquire DoubleTree by Hilton Kuala Lumpur for $106.77 million from a private real estate fund managed by BlackRock.
With this latest acquisition, the privately held Royal Group will manage a range of properties across Singapore, Malaysia and Australia, comprising residential, industrial, shopping malls, hotels and office towers.
The group is currently working on various other opportunities in Singapore, Malaysia, Australia, Maldives and Europe.
Royal Group chairman Asok Kumar Hiranandani said: "DoubleTree by Hilton Kuala Lumpur is a strong and successful name within the industry and a leader in delivering a warm and rewarding hospitable experience," said Asok Kumar Hiranandani, chairman of the Royal Group. "Adding this property to our portfolio of preferred brands not only broadens our hospitality and lifestyle footprint in Malaysia, but also enables us to accelerate the growth of hotels across Asia."