The sale of Hilton Garden Inn North and Hilton Garden Inn South on Jalan Tunku Abdul Rahman, Kuala Lumpur is by private treaty.
Knight Frank Malaysia executive director of capital markets James Buckley confirmed that the hotel is for sale.
Buckley said that instead of setting an asking price for the hotel, the firm is marketing the property "subject to offers".
"These types of internationally branded freehold properties that have been comprehensively refurbished in a city centre location rarely come to market," he told NST Property.
Recent city centre hotel sales include the Swiss Garden Inn, which sold unrefurbished for RM130 million (RM439,200/key) in 2018.
In 2019, Boustead Holdings Bhd (BHB) sold the Royale Chulan Bukit Bintang Hotel in Kuala Lumpur in an unrefurbished condition for RM177.3 million (RM443,250/key) cash in 2019.
BHB's indirect subsidiary, Boustead Hotels & Resorts Sdn Bhd, sold the 418-room four-star hotel to Singapore-listed Hotel Royal Ltd.
The purchase price had been revised and was reduced by 10 per cent from the original price of RM197 million, taking into account the prevailing market conditions and the market value of the hotel.
Hilton Garden Inn North and Hilton Garden Inn South have a combined 532 rooms with some of them offering views of the iconic Petronas Twin Towers and KL Tower. The hotel is owned by Singapore's Royal Group which acquired the property from IGB Corp Bhd in December 2015 for RM37 million.
The Royal Group, established in 1947, is focused on the investment of properties across the Asia-Pacific region.
It acquired Hilton Garden Inn from IGB via Knights Bridge Avenue Sdn Bhd.
In 2018 it was reported that Thailand-listed Strategic Hospitality Extendable Freehold and Leasehold Real Estate Investment Trust (SHREIT) had planned to buy Hilton Garden Inn North and Hilton Garden Inn South for an estimated RM240 million (or RM451,128 per room).
However, SHREIT, which is listed on the Stock Exchange of Thailand, backed out from the deal in 2019 on concern over the volatility in the Thai and global capital markets.