Buy-out gives Paramount 100% control of new Mercure Kuala Lumpur Glenmarie

PETALING JAYA, 17 December 2021: Paramount Corporation Berhad (Paramount) announced today that it has become the 100% equity holder of Super Ace Resources Sdn Bhd (SAR), which owns the 229-key Mercure Kuala Lumpur Glenmarie in Shah Alam. The hotel had its soft opening last month on 15 November.

Paramount had bought the remaining 29% collective shareholding of Lasseters Properties Sdn Bhd and Lasseters Management (M) Sdn Bhd in SAR for RM4.85 million cash. The share sale and purchase agreement was signed on 1 November 2021, and the transaction completed today.

SAR was established in August 2016 as a joint venture between Paramount and Singapore-listed Lasseters International Holding Ltd to build the hotel as part of Paramount’s 21.7-acre Utropolis Glenmarie integrated development that includes the Utropolis Marketplace mall, 1,500 units of serviced apartments and the 10-acre UOW Malaysia KDU University College campus. With the buy-out, Paramount takes full control of SAR and its business operations, moving forward.

Paramount Group CEO Jeffrey Chew said, “We saw a need for a 4-star hotel in Glenmarie and Shah Alam to serve the needs of the surrounding industries, businesses, higher education institutions, and residential areas.

“We expect the hotel to be a catalyst for growth in the area, more so as people have started to travel again, dine out and participate in group activities.”

SAR had signed up French multinational hotel group Accor in 2017 to provide consultancy services on the design and technical fit-out of the hotel. Accor is also managing the hotel operations.

Slated to become a hub for events and business gatherings, Mercure Kuala Lumpur Glenmarie houses Warna, an all-day dining restaurant, and meeting rooms featuring natural daylight, along with modern contemporary rooms and suites. It also offers a rooftop pool lounge and a fitness room for guests.