Yong Tai selling Courtyard by Marriott Melaka

“Negotiations are in the final stages. The buyer is likely to be an owner of a logistics company,” a source tells The Edge without naming the buyer. “The sale is part of the group’s target to pare down some of its debts,” says another source.

Courtyard by Marriott Melaka is a 248-room four-star hotel, which started operating in April last year. According to Yong Tai’s 2023 annual report, the hotel has a net book value of RM113.84 million.

In its first year of operation, Courtyard by Marriott Melaka achieved an average occupancy rate of 65%, according to its financial results for the third quarter of financial year 2024 (3QFY2024) ended March 31.

Yong Tai CEO Datuk Boo Kuang Loon declined to comment when asked about the matter, only mentioning that the company would make an announcement to Bursa Malaysia should there be any material development.