KUALA LUMPUR (April 13): The former Holiday Inn Resort in Batu Ferringhi, Penang has gone up for sale, following its closure after 41 years of operation. The iconic landmark has joined a list of hotels in the area that have been devastated by the Covid-19 pandemic and movement control order. Knight Frank has been appointed exclusive agent.
“We are delighted to have been nominated as this premier beachfront hotel has so much potential. The hotel is being sold with vacant possession, so there is great flexibility for the new owner to renovate and rebrand either as owner-operator or under an international brand. It is possible that the buyer will create two hotels, creating a more upscale hotel with direct beach frontage in the Beach Wing and a more affordable offering at the Ferringhi Tower at the rear,” said James Buckley, Executive Director of Capital Markets of Knight Frank Malaysia in a press release.
Holiday Inn Resort is a freehold 4-star hotel with two separate buildings – Ferringhi Tower and Beach Wing – and includes an additional 7.69 acres of development land overlooking the Andaman Sea. Overlooking Batu Ferringhi Beach on the Strait of Malacca, the hotel is strategically located along Batu Ferringhi Street.
“As progress in vaccination against Covid-19 accelerates in Malaysia and around the world, investors are increasingly optimistic about the hotel sector. People are very keen on vacations and we expect resorts to benefit greatly as soon as interstate travel is lifted,” Buckley said.
Knight Frank Penang Executive Director Mark Saw said there is also tremendous opportunity to invest in the hotel to expand due to the adjoining vacant land. This is rare luck, given that most hotels along Batu Ferringhi have limited land for additional facilities.