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.


Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

"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.



Suggested Articles

Hotel revenue rose during the first quarter of the year, but deal volume fell by the double digits. A recent report helps shine a light on the whole story.

Pebblebrook Hotel Trust plans on selling the 137-room Kimpton Rouge Hotel in Washington, D.C. in the third quarter of 2019.

The combined company, which will retain the Caesars name, will comprise 60 properties and more than 50,000 guestrooms.