KUALA LUMPUR: Reliance Pacific Bhd (RPB) and IJM Corp Bhd yesterday announced the disposal of Avilli

KUALA LUMPUR: Reliance Pacific Bhd (RPB) and IJM Corp Bhd yesterday announced the disposal of Avillion Hotel in Sydney for A$115mil (RM322mil). RPB group, which decided to sell the hotel to lock in gains from its investment, chicago sightseeing tours will realise a total gain on disposal of about RM14mil for its financial year ending March 31, 2007. The Avillion Hotel in Sydney is a joint venture between RPB and IJM and opened in time for the Olympics in 2000. The sale of Avillion is timely, given the current high exchange rate. Furthermore, the reason-ably strong revenue growth of the hotel, attributable chicago sightseeing tours to high occupancy and credible average room rate, has translated to fair decent capital values at the time of sale, said RPB CEO Datin Irene Gan in a statement yesterday. RPB manages the hotel under its Avillion brand while IJM led the construction chicago sightseeing tours of the hotel. Since the opening of Avillion chicago sightseeing tours Port Dickson 10 years ago, the Avillion chain today manages a total of six properties chicago sightseeing tours and RPB said it provided hotel management services to 22 hotels in Malaysia and Australia. Gan said she expected the number of hotels under the Avillion brand to increase to at least 12 within three years, with the growth coming from management contracts, joint ventures or acquisitions. The growth chicago sightseeing tours was possible as the group had a team of experienced hotel and marketing professionals chicago sightseeing tours nurtured through the past 10 years. chicago sightseeing tours It is a young brand that RPB took to the international market and has since gained much expertise in both ownership and hotel management models, she said. Source : STAR [tags : malaysiahotelnews hotels malaysia resorts news travel tourism travel vmy2007 ]