TRADEWINDS Corp Bhd plans to upgrade its hotels and resorts here to high standard super luxury, akin to those in Dubai, sources with first hand knowledge on the matter said.
The group's wholly-owned subsidiary, Tradewinds Hotels and Resorts Sdn Bhd, is one of the largest hoteliers in Malaysia.
Properties in its stable include Batang Ai Longhouse Resort - managed by Hilton in Sarawak, Hilton Kuching, Hilton Petaling Jaya, Hotel Istana Kuala Lumpur, Meritus Pelangi Beach Resort and Spa Langkawi, The Danna Langkawi, Mutiara Johor Baru and Mutiara Taman Negara in Pahang.
"Some of the hotels are in the four-star category and Tradewinds is looking at upgrading all of them to between five- and seven-stars, ala Dubai," the sources said.
"The investment for the upgrading will be in big numbers, at least more than RM200 million, and Tradewinds does not want to borrow from banks," the sources added.
The property development and investment group was taken private, recently.
The sources said the upgrading plan is part of a bigger deal with the Arabs, whom Tradewinds is currently in talks with.
Business Times recently reported that the major shareholder of Tradewinds is in talks with cash-rich Arabs to help fund its developments in Kuala Lumpur, Johor and Langkawi in Kedah.
These include upgrading Menara Tun Razak and developing Tradewinds Centre at Jalan Sultan Ismail, both of which are projected to cost over RM4 billion.
The other projects are to develop 60 hectares in Langkawi into a mixed used tourism development, and 360ha in Iskandar Malaysia in Johor.
Negotiations are currently centred on the Arabs seeking a majority stake in all the developments and to hold minority interest in Tradewinds.
"If the plan materialises, the Arabs will also have interest in Tradewinds Hotels and Resorts," the sources said.
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