Malaysia’s BCorp Plans To Set Up Hospitality REIT (The Sun Daily)
July 16, 2021 – Berjaya Corporation Bhd (BCorp) is eyeing to establish a hospitality real estate investment trust (REIT) in the long run, which focuses only on five-star hotels owned by the group instead of those it operates, said group chief executive officer (CEO) Abdul Jalil Abdul Rasheed.
Abdul Jalil, who was appointed as group CEO in March this year, said the operating model of the group’s hospitality division is now gradually shifting to owner model rather than an operator model.
“Today, we own a hotel, we also run it under Berjaya’s brand, but over time that could no longer exist, where we will just become purely owner, like what we have done with Four Seasons Hotel in Kyoto, Japan, where we own the property, but we get an international, expert operator to run it.
“The idea is that, for our hospitality segment over the long term, we would love to have a hospitality REIT, which owns just five-star hotels, not operated by us, just owned by us,” he said this during the MIDF Conversations webinar.
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