Saudi prince to bid for $190m hotel

Saudi prince to bid for $190m hotel
KUALA LUMPUR: Saudi Prince Alwaleed bin Talal is making a $190 million bid for a five-star hotel in a prime Kuala Lumpur location.

The prince is making a 650m ringgit bid for the Renaissance Kuala Lumpur Hotel, a joint venture between IGB Corporation and Hong Kong's New World Group, sources said.

Tan Boon Lee, chief executive officer of IGB's hotel division said several offers have been received.

"They are nowhere near what we want," he said.

Alwaleed said his Dubai-listed Kingdom Hotel Investments has a $1bn "war chest" and is looking to expand in Asia.

The Edge said Alwaleed bought the Four Seasons Resort Langkawi in northern Malaysia in March.