Malaysia’s Felda Investment Corporation Sdn Bhd has put a hotel in Kensington, W2, up for sale.
FIC has appointed Colliers to market its 50,000 sq ft Park City Grand Plaza Kensington.
Colin Hall, director in Colliers International’s hotel agency division, commented: “This is an extensive freehold property, well maintained and in a great location. Available free of brand and management, it provides an excellent opportunity for new owners to mould to their requirements and we are expecting plenty of interest and an early sale.”
Interested parties have been invited to make offers for the property this week. The deadline for bids for the property is midday on Friday 28 September.
Last year, the FIC attempted to sell the hotel for £110m and appointed CBRE and Knight Frank to market the property.
According to reports, FIC is currently under investigation by the Malaysian Anti-Corruption Commission for paying above-market value for properties, including the 62-bedroom Park City Grand Plaza in Kensington, W8, which it bought in 2014 for £60m, causing the Felda subsidiary to suffer millions of ringitt in losses.
The group was originally founded to handle the resettlement of rural poor in Malaysia into improved conditions and newly developed areas, as well as supporting small farms.
Its investment arm was set up in 2013, with a focus on the real estate, hospitality and oil and gas sectors.
It also owns the Grand Borneo Hotel, Sabah, and Merdeka Palace Hotel & Suites in Kuching, Sarawak.
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