JOHOR state-owned investment arm Johor Corp (JCorp) is set to take another step in its restructuring drive by selling at least two of its hospitality assets, sources say. The Edge understands that it is looking for buyers for The Puteri Pacific Hotel in Johor Baru and Hotel Selesa Pasir Gudang, which could fetch a combined RM160 million. The Puteri Pacific Hotel closed down for good on Aug 30 last year during the Covid-19 pandemic after operating for 29 years, while Hotel Selesa Pasir Gudang ceased operations in 2017 after 25 years. The last time JCorp divested three of its hotel assets was in 2017 and 2014. If it materialises, the sale of The Puteri Pacific Hotel and Hotel Selesa Pasir Gudang will place the group closer to a potential exit from the hospitality sector, which has been one of the hardest hit due to the pandemic.
