Business Today - Bank Pembangunan Announced RM50 Million Term Financing For Development Of Hyatt Palace Kuala Lumpur

KUALA LUMPUR, 15 August 2023

Bank Pembangunan Malaysia Berhad (BPMB) announced its RM50 million term financing facility to Mygres Ceramiche Sdn Bhd (Mygres) to support the development of a 4-star hotel in the bustling Bukit Jalil City.

Hyatt Place Kuala Lumpur is strategically located adjacent to Pavilion Bukit Jalil, and is close to major meetings, incentives, conferences, and exhibitions (MICE) facilities.

It is also near the Bukit Jalil Stadium, Bukit Jalil Golf & Country Resort, International Medical University as well as the 80-acre Bukit Jalil Recreational Park.

PIt is easily accessible via the Bukit Jalil Highway, Kuala Lumpur-Seremban Expressway and Shah Alam Expressway.

Hyatt Place is the first renowned international hotel in the satellite hub of Bukit Jalil and is poised to become the area’s premier international business hotel. It is anticipated to create employment opportunities and catalyse economic activities in the surrounding area.

The project’s positive impact aligns with BPMB’s overarching goal of driving sustainable growth that benefits both businesses and communities.

Roni Abdulwahab, Group CEO of BPMB, shared that, “This is the first 4-star international hotel in Bukit Jalil. At BPMB, we ensure all the financing delivers social, economic and environmental impact. Our projects are evaluated using our very own impact assessment framework, Measuring Impact on National Development (MIND). MIND complements our credit assessment, and we hope our journey with Mygres will further contribute to the tourism and economic activity of Bukit Jalil. We hope our role in this project will further develop Bukit Jalil and its surrounding areas into a thriving satellite hub in Klang Valley”

Datuk Wira Vincent Lye, Managing Director of Mygres said that, “We are honoured to have BPMB as our financing partner in making our vision for the Hyatt Place Kuala Lumpur Bukit Jalil a reality. This partnership signifies a shared commitment to fostering innovation, economic growth and creating new dynamics in the hospitality industry. Mygres is dedicated to delivering a hybrid Hyatt Place hotel that will stand as a testament to our collaborative efforts.”