Paramount’s first hotel venture

bumbung_paramount

Paramount Corporation Berhad recently put in place the final piece of its integrated offering at Utropolis Glenmarie, Shah Alam. Mercure Hotel, Paramount’s first hotel venture, will open its doors at the successful university metropolis township in 2019.

Paramount and Singapore-listed Lasseters International Holdings Limited established Super Ace Resources Sdn Bhd (SARSB), a joint venture company in August 2016. SARSB signed an agreement with French multinational hotel group AccorHotels earlier this month to operate the 230-key hotel. The hotel will be equipped for both business and leisure stays. AccorHotels are the owners of the Mercure brand.

Paramount’s Group Chief Executive Officer Jeffrey Chew said, “This deal marks two major milestones for Paramount. The first is the impending completion of our first university metropolis, Utropolis Glenmarie. This integrated development already has residential, commercial and retail components. The hotel management agreement we finalised today will truly bring to life the Utropolis promise. A self-contained, energised, urban address to meet the complete needs of its community and those of surrounding areas.

“The second milestone is our entry into hotel development and ownership.It extends our portfolio as a broad-based property development company. We’ve been working very hard to find the right partners. I believe we have found them in both Lasseters and AccorHotels,” added Chew.

He said the hotel would be ideally suited to meet the growing need for a 4-star accommodation in Glenmarie and Shah Alam. It will also act as a catalyst for growth in the area.

Paul Wong, Chief Executive Officer of Lasseters commented, “The partnership with Paramount presents us with an excellent opportunity to expand our hospitality expertise. At the same time, it enables the Group to diversify into a more defined geographical market. It will broaden our revenue streams and deliver long-term value to our shareholders. This is further enhanced by the collaboration with AccorHotels, world-renowned hoteliers with a deep understanding of the needs of the global business and leisure traveller.”

AccorHotels representative Kondo added, “Mercure Hotel at Utropolis offers an international standard of hospitality and a strong commitment to quality. The locally- inspired brand perfectly complements the urban energy of Utropolis. We look forward to working together to create a new destination for residents and visitors to Glenmarie and the greater Shah Alam area.”

The establishment of Mercure Hotel at Utropolis will be unique opportunity for Paramount to have further synergies between its property and education businesses. Why so? Utropolis Glenmarie is anchored by Paramount’s KDU University College (KDUUC). The proximity of the hotel will provide KDUUC’s renowned School of Hospitality, Tourism and Culinary Arts a real-world training ground.

“We are gearing ourselves to diversify beyond our traditional businesses, while staying true to our cornerstones of quality and value. As a result, we’re upping the ante on innovation, offering more interesting lifestyle themes, and harnessing the synergies our property and education businesses offer. Therefore, this unique differentiator will give our businesses the impetus for growth, underpinning our performance in coming years,” concluded Chew.

This post is brought to you by Bumbung.