Tropicana Corp Sells Courtyard by Marriott Penang to IOI Properties Group for RM165 Million


In a strategic move, Tropicana Macalister Avenue (Penang) Sdn Bhd, a wholly-owned subsidiary of Tropicana Corp Bhd, has inked a sale and purchase agreement with IOI PFCC Hotel Sdn Bhd, part of IOI Properties Group Bhd, divesting Courtyard by Marriott Penang for a total of RM165 million.

The transaction, based on a willing buyer-willing seller basis, is set to generate an approximate surplus cash of RM80.8 million for Tropicana, as per the company’s media release. This disposal aligns with Tropicana’s broader strategy to monetize its landbanks and investment properties, aiming to reduce net gearing and enhance its financial standing.

Tropicana articulated its confidence in delivering sustainable earnings, underscored by RM2.3 billion in unbilled sales and the success of ongoing property sales campaigns. The company’s financial performance has been bolstered by an impressive RM1.4 billion in property sales netted in FY2023.


Recent months have seen a flurry of positive developments for the group, including the successful redemption of sukuk, a notable jump in revenue, and a series of award wins. Management remains bullish about the future, citing the high unbilled sales and strong demand for ongoing projects as key growth drivers.

“Our mission is to evolve Tropicana into a future-ready property group, focusing on sustainable growth anchored in our development DNAs and ESG commitments,” the management stated. They elaborated on strategic divestment plans and the intention to intensify sales campaigns, particularly through digital and customer-centric initiatives.

Courtyard by Marriott Penang, inaugurated in 2020, enjoys a prime location at the heart of Georgetown. As the first property in Malaysia to offer 199 hotel rooms and suites along with comprehensive hotel facilities, it boasts commanding views and maintains high occupancy rates year-round.

Tropicana’s management expressed optimism about the continuous demand for properties in prime locations across Tropicana’s established, mature, and developing townships, reinforcing the group’s positive outlook on its strategic ventures and market presence.

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