Holiday Inn Penang Prai reportedly for sale at RM220m–230m

Holiday Inn & Suites Penang Prai, the 36-storey hotel at Juru Sentral on the Penang mainland, is on the market at an asking price of about RM220 million to RM230 million, The Edge Malaysia reported in its 28 September issue, citing industry observers. That is about RM663,000 to RM693,000 a room for its 332 rooms. The owner has not confirmed the sale, and no agent or tender has been named.

The hotel

• Building: 36 storeys and 332 rooms on freehold land. It opened in early 2025, about six years later than first planned
• Location: the Juru Sentral mixed-use development, which also has a condominium tower, studio suites and shops. IHG described the site in 2016 as the commercial district of Prai, between the two Penang bridges, close to Auto City and Icon City and visible from the North–South Expressway. The hotel's postal address is Jalan Juru Sentral, Bukit Mertajam
• Operator: InterContinental Hotels Group (IHG), under a management agreement signed in October 2016
• Facilities planned: four restaurants and bars including a rooftop sky bar, 12 meeting rooms with a ballroom, an outdoor pool, a gym, a spa and suites for longer stays
• Trading: an observer told The Edge that occupancy averages slightly over 50%, mostly from weekday business travellers working in the Juru industrial corridor, with weaker weekend leisure demand

Who owns it

The owner and developer is Exopuri Development Sdn Bhd, whose founder and managing director is Ng Kock Leong. Exopuri also owns the Citadines Prai Penang next door. When the hotel was announced in 2016, Ng said he had brought in an international hotel to serve professionals at the nearby industrial companies, because the area had none.

The numbers

• The original plan: 288 rooms over about 25 to 35 storeys, at a development cost of RM117 million, due to open around 2019 or 2020. The hotel that opened has 44 more rooms and 36 storeys
• Against the plan: the RM230 million top of the range is about 2 times the 2016 cost estimate, which was for a smaller building (derived)
• Against DoubleTree: the 316-room DoubleTree Resort by Hilton in Batu Ferringhi was tendered at RM250 million, about RM791,000 a key
• Against Cititel: the 451-room Cititel Penang on Penang Road is for sale at RM163 million, about RM361,000 a room
• Against Courtyard: the 199-room Courtyard by Marriott Penang sold for RM165 million in 2024, about RM829,000 a room
• Observers' view: The Edge's sources considered the asking price high against current market benchmarks