SINGAPORE (Nov 22): Aspen Group and its joint venture (JV) partner IKEA Southeast Asia have inked a memorandum of understanding with Marriott International, appointing Aloft Hotels as the hotel operator for Aspen Vision City.

Aspen Vision City is a landmark JV development between Aspen and IKEA Southeast Asia. It spans across 245 acres of freehold land in Batu Kawan, Penang, Malaysia, and has a gross development value of more than RM13 billion ($4.27 billion).  

Slated for completion in 1Q 2023, the 260,000 sq ft Aloft-branded hotel will be part of a mixed development within Aspen Vision City. Its amenities and facilities include a swimming pool, fitness centre, meeting rooms, ballrooms, restaurants and bar. 

In all, the hotel will span 30 storeys with 308 keys.

It will be integrated with Vogue Lifestyle Residence, Vogue Piazza and Office Suites within Aspen Vision City such that the hotel enjoys direct access to the neighbouring shopping centre, which is anchored by IKEA Batu Kawan.

“With all the key catalysts and the investments from various business partners and key industry players, [Aspen Vision City is] able to bring in ample job opportunities, tourist visitations, economic advancement and investment opportunities,” says M. Murly, president and group CEO of Aspen Group.

“We believe all the commercial activities in Aspen Vision City will create a new vitality and stimulate the vigorous economic activities in the State,” he adds.

Shares in Aspen closed flat at 16 cents on Wednesday.