| Website |
: |
https://www.marriott.com/en-us/hotels/penar-ac-hotel-penang/overview/
|
| Address/Location |
: |
No. 213, Jalan Bukit Gambir, Bukit Jambul, 11950 Pulau Pinang. |
| Property description |
: |
17-storey Hotel Wing with 238 hotel rooms and 26-storey Suite Wing with 189 hotel suites with an annexed 3-storey podium. |
| Property type |
: |
Hotel |
| Age |
: |
Approximately 24 years |
| Title details |
: |
HSD 9632, Lot No. P.T. 1678, Mukim 13, District of Timor Laut, State of Pulau Pinang. |
| Encumbrances/Limitation in title/ interest |
: |
The property is free from encumbrances and there is restriction attached to the title. |
| Status of holdings |
: |
99-year leasehold expiring on 27 October 2094. The unexpired lease period is approximately 71 years. |
| Existing use |
: |
Commercial Building |
| Parking spaces |
: |
367 bays |
| Lessee |
: |
Business & Budget Hotels (Penang) Sdn. Bhd. |
| Lease term |
: |
The property is leased for a term expiring on 14 November 2026. |
| Date of acquisition |
: |
15 November 2011 |
| Cost of acquisition (including incidentals) |
: |
RM101,778,000 |
| Fair value adjustments for the financial year |
: |
RM1,000,000 |
| Market value |
: |
RM126,000,000 |
| Date of latest valuation |
: |
31 May 2023 |
| Independent valuer |
: |
Savills (Malaysia) Sdn Bhd |
| Net book value |
: |
RM126,000,000 |
