This article first appeared in The Edge Malaysia Weekly on August 18, 2025 - August 24, 2025

THISTLE Johor Bahru and Thistle Port Dickson Resort are said to be on the market, with the former at the end stage of negotiations, according to sources. Both hotels are owned by Singapore-based GuocoLand Ltd via its subsidiary GuocoLand Hotels Pte Ltd.

The Edge is given to understand that GuocoLand Hotels is at the final stage of closing the deal for the 381-room Thistle Johor Bahru with YTL group for between RM130 million and RM150 million.

The 17-storey hotel, previously the Hyatt, is located in Jalan Sungai Chat close to the city centre. About 40 minutes to Senai International Airport by car, the hotel sits on an almost six-acre leasehold tract. Sources say the recently refurbished hotel has an asking price of about RM160 million, which translates into RM420,000 per room.

Its sister hotel, Thistle Port Dickson Resort, is located in Jalan Pantai in Teluk Kemang. The 251-room hotel sits on a 64.07-acre freehold tract, which includes a four-acre vacant land zoned for commercial development and a nine-hole golf course, which is said to have been closed since the pandemic. The asking price for the Port Dickson hotel is about RM130 million to RM135 million, say the sources.

The Edge reached out to GuocoLand for confirmation that both hotels have been put up for sale, but the company declined to comment.

Asked to confirm its acquisition of Thistle Johor Bahru, YTL says: “At this time, we have no information to share regarding the project acquisition. Should there be any updates or official announcements, we will be sure to provide through the appropriate channels.”

Singapore Exchange-listed GuocoLand has held the assets for less than eight years. In November 2017, GuocoLand (Malaysia) Bhd (KL:GUOCO), via its 70%-owned Guoman Hotel & Resorts Holdings Sdn Bhd disposed of its stakes in PD Resort Sdn Bhd and JB Parade Sdn Bhd to its Singapore counterpart GuocoLand Hotels Pte Ltd for a total of RM223.89 million cash. PD Resort owns Thistle in Port Dickson while JB Parade owns Thistle in Johor Bahru.

Thistle Port Dickson Resort was rebranded from Guoman Resort Port Dickson in April 2009 while Thistle Johor Bahru opened its doors in June 2009.

According to its 2024 annual report, GuocoLand had investment properties across Singapore, China and Malaysia valued at a total of S$6.56 billion as at June 30, 2024. These include Guoco Tower and Guoco Midtown in Singapore, Guoco Changfeng City in Shanghai, China, and Damansara City in Kuala Lumpur. It also owns the 321-room Sofitel Kuala Lumpur Damansara in Damansara Heights.

A company search on PD Resort for Thistle Port Dickson Resort revealed that for its financial year ended June 30, 2024, revenue amounted to RM23.505 million, while profit after tax stood at RM2.237 million. As for JB Parade, its revenue over the same period was RM21.26 million but it made a loss after tax of RM3.197 million.

Conglomerate YTL group’s many business interests include property. YTL Corp Bhd (KL:YTL) is the controlling shareholder of YTL Hospitality REIT (KL:YTLREIT) with a 55% stake, as stated in its 2024 annual report.

The REIT’s portfolio comprises 18 assets, including Pangkor Laut Resort in Lumut, Perak; Tanjong Jara Resort in Dungun, Terengganu; Cameron Highlands Resort in Pahang; the AC Hotel in Kuala Lumpur, Kuantan and Penang; The Majestic Hotel Kuala Lumpur; as well as Hilton Niseko Village and The Green Leaf Niseko in Japan.

Hotel Stripes Kuala Lumpur was purchased in 2023. More recently, in February 2024, YTL REIT paid RM55 million for Syuen Hotel in Ipoh, Perak, which was relaunched as a 291-room AC Hotel by Marriott in April this year. 

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