Malaysia: The four-star Wolo Hotel Bukit Bintang was sold by property development and manager, Mammoth Empire Holding (MEH) for RM115 million – equivalent to around £21.5m.
MEH has been disposing its assets since 2017 in a bid to put the company on sound financial footing.
In confirming the sale, which is understood to have been completed late last year, MEH executive director Datuk Danny Cheah said that the company sold the hotel together with the Wolo brand.
A source has revealed that the 133-room hotel was sold to HYM Group, which owns several hotels in Kuala Lumpur and Penang including the Gold 3 Boutique Hotel, Krystal Suites, and Towne House Hotel.
Following the Wolo sale, MEH is now left with one operational hotel. “We are keeping Empire Hotel Subang,” said Cheah, adding that the completed Marriott Hotel building in Empire City Damansara is no longer for sale. “We have settled our loan with Maybank”.
Established in 1997, the group grew to prominence in 2010 after the development of the Empire Shopping Gallery and the Empire Hotel in Subang.
As the company expanded, its debt increased to the point in which MEH sold its Empire Shopping Gallery in 2017 to Pelaburan Hartanah Bhd for RM750 million cash.
Following the sale of several other assets, including the yet-to-be Wolo Chinatown and a plot of land next to the Empire City Damansara, MEH hopes to pay off all of its debt by next year.