HOTEL FOR SALE IN KUALA LUMPUR - sales price 36 Mio MYR / USD 9.5 Mio
SUMMARY
This hotel City Villa is one of the earliest hotels built in Kuala Lumpur. It could be 30 - 40 years. The former name was Far East Asia Hotel. It has for many years stable clients from the government and other meeting rooms needed organisations. It is located close to chow kit monorail, just few stations from the vibrant centre of Kuala Lumpur. It is in operation as a three star hotel and should remain in this or 4 star level, due to the clienteles in the past.
The city has already a clear picture how they want to improve and change the surroundings of the hotel and the main street in front. Also the buildings around they will be renovated or rebuilt. At the moment they are for this some project studies under way.

The hotel has 18 stories and contains
206 guest rooms, 350 parking places, 3 stories meeting rooms, 3 elevators
main floor area HOTEL 130'791 ft2 CARPARK 91'044 ft2
accessory parcel 15'500 ft2
titled land area 3'214'247m2 (34'630'124 ft2)

The asking price of 36 Million MYR is free from any encumbrances and freehold. At the moment, there is a mortgage on the building by the holding company for a bank loan secured by them. This should not be an issue as they would redeem the building simultaneously. The bank value was set higher than the selling price.
The property needs a new face inside and outside, and the Lobby can be in any other floor. Actually in operation as 3 star hotel, it must be renovated inside and outside, and we recommend to stay as 3 to 4 star hotel. Estimated renovation: 4 Mio RM to 6.5 Mio MYR . Actually there are some renovation in the air-conditioning system and fire protection under way. Presently, the hotel is fully certified and approved by all government agencies All certification are in place for operation.