City Developments Limited (CDL) announced on Dec 14 that it has entered into a sale and purchase agreement to divest the Copthorne Orchid Hotel & Resort Penang for a consideration of RM75 million ($25 million).
The agreement was signed by CDL’s wholly-owned hotel subsidiary Millennium & Copthorne Hotels.
The buy of the 318-room Penang hotel is Bursa Malaysia-listed Ivory Properties Group Berhad. Ivory Properties will acquire the freehold land that the hotel resides on, the hotel, and all fixtures, fittings, equipment and tangible personal property, in respect of the hotel.
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