The Naza group plans to invest some RM780 million to open five new hotels in Kuala Lumpur over the next two to six years.
It is looking at opening three three-star category hotels under the Naza Talyya name in Kuala Lumpur's Golden Triangle.
The remaining two will be five-star properties; one scheduled for opening at its Platinum Park development next to the Petronas Twin Towers and another near the proposed Matrade Centre on Jalan Kuching.
Naza Hotel Management Sdn Bhd director Nur Nadia SM Nasimuddin said that investment in each of the three-star properties could be between RM50 million and RM60 million.
She was speaking to reporters after the launch of Naza Talyya's newly-refurbished hotels in Kuala Lumpur yesterday.
Naza TTDI Sdn Bhd group managing director SM Faliq SM Nasimuddin said the hotel to support the proposed exhibition centre could cost some RM300million.
"It will be ready at the same time as the Matrade Centre in 2014," he told Business Times.
As for the hotel building at Platinum Park, he estimates that it too could cost RM300 million for a 350-room hotel.
It is looking for a foreign operator to manage this hotel, which is slated for completion in 2014/2015.
It is open to foreign investors pumping money into the project.
The Naza group now operates three hotels in Penang, Johor and Malacca under its Naza Talyya brand name.
The name "Talyya" means bloom or blooming in Arabic.