All seven Intercontinental Hotels Group (IHG) hotels in Malaysia are at various stages of renovations and refurbishment exercise. Once the renovation and refurbishment exercise is completed, the UK-based hotel operator hopes to garner better yield from the hotels.
In Malaysia, IHG runs hotels under three brands – Intercontinental Hotels & Resorts, Crowne Plaza Hotel & Resorts and Holiday Inn Hotels and Resorts. IHG which take over the management contract for the Holiday Inn Glenmarie in October 2005, will see its owners DRB-HICOM Bhd forking out RM13.9million to renovate 168 of the hotel’s rooms inventory totaling 260 rooms. The renovation work commenced in the mid of October and will be completed in June 2007. The hotel is excepted a further 10 percent increase in occupancy and experiences an improvement in average room rates.
Tradewind Corp Bhd, the owner of Crowne Plaza Mutiara Kuala Lumpur which completed its RM90million renovation in 2003, has committed to spend another RM10million for the expansion of its meeting facilities. After renovation, it will add another 11 function rooms, bringing the total to 27. This will enhance the value of the hotel. The hotel target group is the meeting, incentive, convention and exhibition market. According to IHG Asia Pacific’s regional general manager for Malaysia, Philip Riley, the Gross Operating Profit (GOP) at Crowne Plaza Mutiara is in excess of the 30 percent mark. GOP is the cost of doing business or gross revenue (from rooms, food & beverage, laundry or business center) minus cost of operations (wages, electricity and amenities). Most five-star hotels in the city are churning in an average GOP of 30 percent.
Meanwhile, work on the Holiday Inn, Penang is at the design stage. Some soft renovation will take place by the end of this year. Holiday Inn in Penang is owned by Asia Garden Sdn Bhd. The Holiday Inn Kuching, Crowne Plaza Kuching, Holiday Inn Damai Beach and Crowne Plaza Damai Beach are owned by Sarawak Economic Development Corp. All the four hotels will undergo renovations over the next 5 years.
There is an additional supply of 4000 hotel rooms to be ready in the Klang Valley from 2006 to 2008. Hence, most of the hotels need to undergo some refurbishment work to keep up their competitiveness in the hotel industry. Amongst the new hotels are Novotel Hydro at Jalan Perak, Cendana Hotel at Jalan Conlay, Berjaya Central Park at Jalan Ampang and Bandar Utama Hotel at Damansara Utama.
10/31/2006
Renovation Plan for Intercontinental Hotels Group (IHG) hotels in Malaysia
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