Singapore based hotel company Hotel Properties Limited (HPL) announced on Dec 20 that its subsidiary is buying an additional 50% stake in Penang hotel owner Palmco Hotels Sdn Bhd. This makes Palmco Hotels a 100%-owned unit of HPL.

HPL will buy the 50% stake in Palmco Hotels as well as an additional 10% interest in souvenir and gift company HRH Merchandise Sdn Bhd, at a total consideration of RM105 million ($34.7 million). HRH Merchandise will also become a wholly-owned unit of HPL.

Palmco Hotels owns the 250-room Hard Rock Hotel Penang as well as its trademark Hard Rock Café and facilities.