(KUALA LUMPUR) The operator of Regency Hotel, Regency International Hotel Incorporated Sdn Bhd is planning to expand its hotel network into London, New York, Bangkok, Jakarta and Istanbul, said executive chairman Matshah Safuan.
'We are still looking at it. It depends on the property market.
We will go for it when the time is right,' he told Bernama recently.
Established 23 years ago, Regency currently owns nine hotels, of which one is in Bali, three in Sarawak, two each in Kedah and Negeri Sembilan and a newly launched hotel in Kuala Lumpur.
Located strategically in front of the Chow Kit wet market, more than RM100 million (S$40.9 million) has been invested for the new hotel, Mr Matshah said.
The 330-room hotel opened it doors for business in April 2008, giving a new aura to the area.
Since its opening, the hotel has been receiving business visitors as well as tourists mostly from the East Coast, with most of them getting to shop around the many shopping centres and malls in the area.
Together with its expansion plans overseas, Mr Matshah said that Regency was also looking to expand its presence locally in strategic areas in Johor Bahru, Kuantan, Kuala Terengganu, Kota Baharu and Kota Kinabalu.
'They're new areas that we want to go,' he said.
However, he did not disclose any specific investment amount for the hotel group's expansion plan.
The hotel also expects to launch its new hotel in Jitra, Kedah by end of this year while another hotel in Bukit Tinggi is still under construction. -- Bernama
Source: Business Times, 27 Aug 2009