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Ireka’s associate, Aseana, inks Hotel Management Agreement with Starwood Group

Kuala Lumpur, 15 November 2011: The Aloft Kuala Lumpur Sentral will soon infuse the sizzling ‘style-at-a-steal’ with a splash of urban chic into the bustling transportation hub of KL Sentral in early 2013. The signing of the Hotel Management Agreement was recently inked between the hotel owner, Iringan Flora Sdn Bhd (a subsidiary of Ireka Corporation Berhad’s associate company, Aseana Properties Ltd, ‘Aseana’) and the Starwood Asia Pacific Hotels & Resorts Pte Ltd.

Aloft Kuala Lumpur Sentral is ideally located in KL Sentral area with connection to the city’s transportation network including the Light Rail Transit (LRT), Monorail as well as the Express Rail Link (ERL) to the KLIA. The hotel will feature 482 rooms within a 31-storey tower, several function rooms and a Ballroom which can accommodate up to 850 persons. Guests will be welcomed at the Aloft front desk and warmly hosted in the Re:mix lobby lounge. Hotel guests can also expect a unique, urbanely experience from its wide range of amenities namely the “w xyz” theme bar, the Re:fuel bar, “nook” all-day-dining restaurant, Re:charge fitness centre, Chill Out Sky Bar, infinity sky and wading pools as well as the Touch & Go kiosk providing Internet-based services.

The hotel tower is located next to the upcoming NU Sentral Mall, which is part of Lot G that forms a mixed commercial project comprising two other Grade A Office Towers in KL Sentral. Both the hotel and office towers are developed by Excellent Bonanza Sdn Bhd [a 60:40 joint venture between Malaysian Resources Corporation Berhad (‘MRCB’) and Ireka’s associate company, Aseana]. The development manager for the hotel is Ireka Development Management Sdn Bhd (‘IDM’), a wholly-owned subsidiary of Ireka Corporation Berhad.

Commenting on the partnership, Lai Voon Hon, President / CEO of Ireka Development Management Sdn Bhd said, “Indeed, we are very excited to bring in the ‘Aloft’ brand to Malaysia. Aloft is a lifestyle brand which epitomises a unique, personalised experience that urbanites long for as they travel, be it on business or for leisure. We are confident that Aloft Kuala Lumpur Sentral will serve the niche market, given its strategic location, strong branding and unique product offering.”

Senior Vice President of Acquisitions and Development of the Starwood Asia Pacific Hotels & Resorts Pte Ltd, Matthew Fry adds, “Aloft Kuala Lumpur Sentral will bring a dynamic mix of urban style and social interplay to the KL Sentral area. The Aloft brand’s bold design and social atmosphere is a big draw for the next generation of travellers, who expect their lodging to reflect their constantly evolving lifestyle.”

On 10 November 2011, Aseana’s wholly-owned subsidiary, Silver Sparrow Berhad, secured a Guaranteed Medium Term Notes Programme of up to RM515.0 million (‘MTN Programme’)*. Maybank Investment Bank Berhad acted as the Principal Adviser, Lead Arranger and Lead Manager for the MTN Programme. The MTN Programme is guaranteed by a syndicate of guarantors that includes Danajamin Nasional Berhad, Malayan Banking Berhad and OCBC Bank (Malaysia) Berhad and has a tenor of up to 10 years. Rating Agency Malaysia Berhad (‘RAM) has assigned a long-term rating of AAA(fg)/AAA(bg) with a stable outlook to the MTN Programme, reflecting the unconditional and irrevocable guarantees extended by the Guarantors. IDM is the development manager for both the Sandakan Harbour Square and Aloft Kuala Lumpur Sentral.

Note: *The proceeds raised from the MTN Programme will be utilised to finance the construction of the Phases 3 and 4 of Sandakan Harbour Square (which consist of the 200,000 sq ft Harbour Mall Sandakan and the internationally-branded Four Points by Sheraton hotel) and to finance the acquisition of the specialty select Aloft Kuala Lumpur Sentral.


L-R: Chuck Abbott (Regional Vice President, South East Asia) and Matthew Fry (Senior Vice President, Acquisitions and Development) of Starwood Asia Pacific Hotels & Resorts Pte. Ltd., Lai Voon Hon (Director, Iringan Flora Sdn Bhd; and President / CEO, Ireka Development Management Sdn Bhd), Lai Siew Wah (Ireka Group Managing Director), Monica Lai (Director, Iringan Flora Sdn Bhd), Datuk Lai Foot Kong (Ireka Group Deputy Managing Director); and Datuk Mohamed Razeek Hussain (CEO, MRCB Bhd), during the signing ceremony.

About Aloft Hotels

Created to shake up the staid, traditional select service segment of the hotel industry, the Aloft brand delivers style at a steal with urban-influenced, modern, open and vibrant design – and a social guest experience – at an affordable price point. In the same way that W Hotels broke through the clutter of conformity in the upscale hotel arena a decade ago, Aloft is shaking up the industry for the next generation of traveler. Aloft hotels are geared toward savvy, design-conscious consumers who grew up with the democratization of design. Building on its tech-savvy DNA, the brand recently pioneered the industry’s first “keyless entry” automatic check-in program at Aloft Lexington in Massachusetts.

Since its 2008 debut, Aloft has opened over 50 properties worldwide, making it the most successful brand launch in hospitality industry history. With over 50 hotels open in the two years since Aloft first arrived on the scene and nine more opened in 2011, Aloft can be found everywhere from Abu Dhabi and Bangkok to Dallas and Beijing and everywhere in between. For more information, please visit www.alofthotels.com.

Aloft Hotels, like all brands within Starwood’s portfolio, is proud to offer the Starwood Preferred Guest® program, which offers a breakthrough policy of no blackout dates on Free Night Awards. To learn more, please visit www.spg.com.

About Starwood Hotels & Resorts Worldwide, Inc.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with 1,071 properties in 100 countries and territories with 145,000 employees at its owned and managed properties. Starwood Hotels is a fully integrated owner, operator and franchisor of hotels, resorts and residences with the following internationally renowned brands: St. Regis®, The Luxury Collection®, W®, Westin®, Le Méridien®, Sheraton®, Four Points® by Sheraton, and the recently launched Aloft®, and Element SM.  The company boasts one of the industry’s leading loyalty programs, Starwood Preferred Guest (SPG), allowing members to earn and redeem points for room stays, room upgrades and flights, with no blackout dates. Starwood Hotels also owns Starwood Vacation Ownership, Inc., one of the premier developers and operators of high quality vacation interval ownership resorts. For more information, please visit www.starwoodhotels.com.