Faber hotels offered for sale

KUALA LUMPUR: Seven hotels and one commercial complex with a total value of about 450 million Malaysian ringgit (US$118.2 million), formerly owned and operated by the Faber Group, are being offered for sale through an open tender.

Faber plans to sell off the eight properties -- five Sheraton hotels, two Merlin Inn resorts and the Penang Plaza -- as part of its debt restructuring scheme, the CEO of Zerin Properties, Previndran Singhe, said in a statement made available to The Jakarta Post.

Zerin is the exclusive agent for this restructuring scheme.

Managed by Jeram Bintang Sdn Bhd, the tenders will open on Nov. 29 and bidding will close on Jan. 10, 2005.

The properties are being offered individually or on a partial or whole portfolio basis. -- JP