Malaysia group acquires London's Grand Plaza Kensington

Federal Land Development Authority (FELDA) subsidiary, Felda Investment Corporation (FIC), recently acquired the 62-room Grand Plaza Kensington Hotel in London, in a move to diversify its investment assets, reports Malay Mail Online.

FELDA describes itself as the world's largest palm oil producer and oil palm plantation operator.

FELDA Group Chairman Tan Sri Mohd Isa Abdul Samad said the acquisition would enable the company to maximize its investment returns for the ultimate benefit of stakeholders.

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"It marks an important milestone in the company’s history as its first stepping stone in creating a brand name for FELDA with the previously acquired Grand Plaza Serviced Apartments in Bayswater, the hot-spot area among Malaysians visiting London," he said in a statement. "While the Grand Plaza Serviced Apartments’ is meant for families or those travelling in a group, the Grand Plaza Kensington aims to attract guests looking for a luxury yet affordable accommodation. Moreover, the Malaysian hospitality is next to none and we are confident that we would be able to attract both Malaysians and foreigners to stay with us by offering excellent services and delicious Malaysian cuisines."

The acquisition of the London property was the first for FIC and second for FELDA, bringing the total number of hotels and resorts owned by the government agency to 12.