Pinnacle Nexus then acquired the property in 2014 for RM82 million, and extensively refurbished and repositioned it as the DoubleTree Resort by Hilton Penang, Hilton’s first resort in the country.
The DoubleTree Resort by Hilton Penang, a prominent upscale hospitality asset located in the primary tourism enclave of Batu Ferringhi, is on the market via a tender exercise. According to market observers familiar with the deal, the property is being marketed with an indicative asking price of RM250 million ($79.2 million).
It is currently owned by Pinnacle Nexus, formerly a member of Cornerstone Partners Group. The asset has changed hands several times over the years, according to Timmy Ho, managing director of hotel asset management firm Pragmatique and hotel valuer. Originally developed by Low Yat Group in 1998 as the 350-room Ferringhi Beach Hotel, it was acquired by the Mah family via Mister Phoenix in 2007 for RM43 million before being rebranded to Hydro Majestic Hotel Penang and later Hydro Hotel Penang.
