THE Eastin Hotel Kuala Lumpur (Eastin KL) in Petaling Jaya has changed hands for about RM200 million and will reopen as a Marriott-branded hotel, say sources.
The CP Group, founded by Datuk Tan Chew Piau, is said to have disposed of the 388-room Eastin KL to a private vehicle linked to former investment banker Datuk Lim Kheng Yew, founder of KYM Holdings Bhd (KL:KYM).
Adzman Shah Ariffin, CEO of real estate consultancy and property management firm ExaStrata Solutions Sdn Bhd, tells The Edge: “At RM200 million, it would be around RM515,000 per room. The latest hotel transaction in Petaling Jaya was the new Empire City Hotel in February 2025, where Exsim Hospitality Bhd (KL:EXSIMHB) paid RM240.25 million, or RM817,000 per room, for the 294-room hotel. So, I guess the price [for Eastin Hotel] is a good deal for the buyer.”
Laurelcap Sdn Bhd executive director Stanley Toh concurs with Adzman on the good buy. “In comparison, most four- and five-star hotels in Kuala Lumpur are currently valued at more than RM1 million per room. In Petaling Jaya, the supply of four- and five-star hotels is limited, with only a few notable establishments such as One World Hotel and M Hotel,” says Toh.
“Therefore, securing a property of this calibre at such a price point and in this location is highly advantageous. Nonetheless, the purchaser should anticipate allocating capital expenditure for refurbishment works, as the hotel is approaching 30 years in age.”
Founded in 1972, CP Group is involved in hospitality, property development and construction in Malaysia and Australia. It also owns the 328-room Eastin Hotel in Queensbay, Penang.
Lim is listed as a substantial shareholder with an indirect 33% stake in KYM, according to its 2025 annual report. According to AskEdge, KYM is involved in the manufacturing of corrugated fibre boards and carton boxes, industrial woven bags and multi-wall industrial paper bags, as well as property investment.
He also has properties in Selangor under his private company TSM Global Bhd which, according to its website, is a key player in the automotive industry, manufacturing and supplying wiring harnesses, automobiles, motorcycles and auto accessories and cables. TSM also owns KYM Tower in Mutiara Damansara and several industrial properties in Bangi and Cheras, as well as commercial and residential properties in Penang, Langkawi, Kuala Lumpur, Port Dickson and Johor.
According to Eastin KL’s website, the five-star international business hotel was opened in 1998. The website says renovation works are underway from June 10 until further notice, though it remains fully operational, with selected guest room floors and event spaces available.
The Edge understands that a Marriott-branded hotel will open at the former Eastin KL. Approached for comments on the matter, Marriott International says: “We continuously explore opportunities to expand our footprint in key destinations including Petaling Jaya. However, at this time, we have no confirmed announcements to share.”
Marriott International tells The Edge that it has 56 properties across Malaysia, offering 20 of the 30 Marriott Bonvoy brands and catering for luxury to business professionals, as well as next-gen explorers.
In an email reply to The Edge, its market vice-president for Malaysia George Varughese notes the brand’s continued growth in Malaysia, with several Marriott-branded hotels set to open in the coming years. “We have three new openings — Sheraton Johor Bahru, Marriott Executive Apartments Kuala Lumpur and Sheraton Kota Kinabalu — scheduled for 4Q2025,” he says. The 41-storey Marriott Executive Apartments Kuala Lumpur is located at the intersection of Jalan Kia Peng and Jalan Stonor and expected to be opened in August.
The Westin Penang and Courtyard by Marriott Subang are set to open in the coming years, he adds.
In July 2024, Marriott International signed agreements with Ideal Property Group to develop the 262-room Penang Marriott Hotel Queens Waterfront and 228-unit Marriott Residences Queens Waterfront, which are part of the Queens Waterfront mixed-use development in Queensbay, Bayan Lepas, Penang, and set to open in 2029. “These developments underscore our commitment to Malaysia’s vibrant hospitality landscape,” says Varughese.
“We’re also seeing strong growth potential in secondary cities with high business and leisure growth such as Ipoh, Johor Bahru and Kota Kinabalu. This reflects our strategy to expand beyond Kuala Lumpur to cater for a wide range of travellers across the business and MICE (meetings, incentives, conferences and exhibitions) segments.”
Asked about the strategies for selecting a location for a new Marriott hotel, Varughese says several key strategies come into play. “We assess traveller trends and gaps across the luxury to mid-scale segments. Moxy Putrajaya, for example, was introduced to cater for a younger, budget-conscious demographic that values style, convenience and tech-forward experiences.
“Properties such as St Regis Kuala Lumpur are designed to meet the expectations of affluent travellers seeking elevated, luxurious stays. Success also lies in aligning with the right partners — those who share our values and long-term vision. These partnerships are the foundations of our ability to deliver world-class hospitality across Malaysia.”
Meanwhile, the 22-storey CP Tower in Phileo Damansara Business Centre and adjacent to Eastin KL is said to be on the market, according to local agents. The office building, which includes a three-level basement car park, is owned by Pelaburan Hartanah Bumiputera.
Source: The Edge Malaysia (10 July 2025)