12 APRIL, KUALA LUMPUR – Knight Frank, a leading independent global real estate consultancy has been exclusively mandated to sell the former Holiday Inn Resort. Being one of the key resort hotels in Batu Ferringhi, the management of the Holiday Inn Resort has decided to closed its door after 41 years of operation. The iconic landmark joined a list of hotels in the area that has been devastated by the Covid 19 pandemic and the movement control order.
Knight Frank is appointed as the exclusive agent for the sale that consists of a 4-star freehold hotel that provides two separate buildings – Ferringhi Tower and the Beach Wing which includes an additional 7.69 acres of development land with fantastic views of the breath-taking Andaman Sea.
James Buckley, Executive Director, Capital Markets said “We are excited to have been appointed as this prime beachfront hotel has so much potential. The hotel is sold with vacant possession so there is great flexibility for the new owner to renovate and rebrand either as an owner-operator or under an international brand name. There is potential for the purchaser to create two hotels, creating a more upscale hotel with direct beach frontage at the Beach wing and a more affordable offering at the Ferringhi Tower to the rear.
As the Covid-19 vaccination progress ramps up in Malaysia and across the world, investors are becoming more optimistic about the hotel sector. People are very keen to have a holiday and we expect resorts to benefit greatly as soon as interstate travel is lifted.”
Mark Saw, Executive Director for Penang Branch said “There is also a tremendous opportunity when investing in the hotel to expand by virtue of the contiguous vacant lands. This is a rare chance given that most of the hotels along Batu Ferringhi have limited land for additional facilities.”
Overlooking Batu Ferringhi beach on the Straits of Malacca, this polished hotel is strategically located along the famous Batu Ferringhi street, which is Penang’s second most popular tourist spot among both local and international tourists.