Paramount Corp Bhd is making a foray into hotel development and ownership, with the property developer set to build a Mercure Hotel at its university metropolis township in the city of Shah Alam, Malaysia. Paramount Corp, through its joint-venture (JV) company with Singapore-listed Lasseters International Holdings Ltd, has entered into a management agreement with French hotel group, AccorHotels, which owns the Mercure brand. The JV company, Super Ace Resources Sdn Bhd (SARSB), which is 45% owned by Paramount Corp, will invest RM75 million into the development of the hotel. Apart from the hotel management agreement, SARSB also entered into a hotel consultancy services agreement with AccorHotels, which will see the latter providing its expertise in the design and technical fit-out of the hotel. The 230-room hotel will be situated within a 21-acre township development, which houses the new flagship KDU University College (KDUUC) campus.
HVS APAC HOSPITALITY NEWSLETTER.