KUALA LUMPUR (April 13): The former Holiday Inn Resort in Batu Ferringhi, Penang has been put up for sale, following its closure after 41 years of operation. The iconic landmark joined a list of hotels in the area that has been devastated by the Covid-19 pandemic and the Movement Control Order. Knight Frank has been appointed as an exclusive agent.

“We are excited to have been appointed as this prime beachfront hotel has so much potential. The hotel is sold with vacant possession, so there is great flexibility for the new owner to renovate and rebrand either as an owner-operator or under an international brand name. There is potential for the purchaser to create two hotels, creating a more upscale hotel with direct beach frontage at the Beach wing and a more affordable offering at the Ferringhi Tower to the rear,” said Knight Frank Malaysia executive director of capital markets James Buckley in a press release.

Holiday Inn Resort is a 4-star freehold hotel with two separate buildings — Ferringhi Tower and Beach Wing — and includes an additional 7.69 acres of development land with views of the Andaman Sea. Overlooking Batu Ferringhi beach on the Straits of Malacca, the hotel is strategically located along Batu Ferringhi street.

“As the Covid-19 vaccination progress ramps up in Malaysia and across the world, investors are becoming more optimistic about the hotel sector. People are very keen to have a holiday and we expect resorts to benefit greatly, as soon as interstate travel is lifted,” said Buckley.

Knight Frank Penang executive director Mark Saw said there is also a tremendous opportunity when investing in the hotel to expand by virtue of the contiguous vacant lands. This is a rare chance, given most of the hotels along Batu Ferringhi have limited land for additional facilities.