Plenitude Berhad says the relaxation of the travel ban has resulted in increased occupancy and daily room rates, which have helped the hospitality division advance.
The division's sales increased significantly from the prior year, when it was RM20 million, to RM47.5 million, a growth of 137 per cent.
The property developer said that the cost rationalisation initiative it conducted to reduce operational costs had further aided in the performance's improvement.
As of June 30, 2022, Plenitude held eight hotel properties and two residential properties, Tanjung Point Residences in Penang and Domitys Bangsar Kuala Lumpur.
Recently, the company welcomed the senior housing facility provider Domitys from Europe.
The first senior living community in Asia under the Domitys brand, Domitys Bangsar Kuala Lumpur, opened its doors and welcomed residents and visitors last month (Oct).
Elsie Chua, the company's non-independent non-executive chairman said Bank Negara Malaysia's projection of the country's gross domestic product of 6.5 per cent to seven per cent this year signifies better times ahead.
"Plenitude is optimistic that there will be significant growth in local demand for both the property and hospitality sectors," she said in a recent statement.
Plenitude recently made an RM136 million investment in Travelodge Honmachi Osaka, a 14-story hotel with 138 rooms available for short- or long-term visits in Japan.
The company diversified into the hospitality sector in 2001 with just 220 rooms and has been expanding its ownership of hotels.
Along with its foreign properties in South Korea and Japan, the company currently has about 2,000 hotel rooms available throughout Malaysia.
Today, the hospitality division encompasses hotel properties ranging from international hospitality brands to home-grown brands.