Kronos eyes 43 more hotels in the USA

NEW YORK: Kronos Hotels, a Malaysian majority-owned hotel group operating in the United States, plans to acquire another 43 properties by the end of this year, says Sarwir Hansa, one of its partners.

With the latest acquisitions, the Atlanta-headquartered group will increase its portfolio to 73, having 57 hotels under its wings at present.

Hansa, speaking at the official opening of the Crowne Plaza Hotel New York-JFK Airport under its new owners by Foreign Minister Datuk Seri Hamid Albar here today, said the group started with one acquisition in 1999.

Hansa, who started Kronos with Ipoh-born Charles Morais, said the Crowne Plaza Hotel New York-JFK Airport was the group’s first acquisition in the Big Apple.

The 183-room Crowne Plaza New York had undergone a major refurbishment since it was bought by Kronos in April last year.

Kronos is owned by Morais, who is the chief executive officer, and brothers Rajesh Mir and Sunil Mir, as well as another investor, Moses Daniel. Stillwater Capital, a New York City-based US$700-million (RM2.406 billion) fund, and the Royal Bank of Scotland are also equity partners.

Hansa said the next major acquisitions would comprise several JW Marriott properties.

Some of the hotels under the Kronos chain include Holiday Inn, Sleep Inn, Wyndham Hotels and Resorts, Ramada and Choice Hotels International.

Syed Hamid, who broke fast at the hotel which specially served Malaysian cuisine like “nasi beriyani” on Sunday night, said in his speech that he hoped Kronos would also invest in Malaysia eventually.

Praising the entrepreneurial spirit of the owners of Kronos, he said he was also pleased to see many Malaysians doing well in the United States.

Saying that this was his ninth annual visit to New York for the United Nations General Assembly, Syed Hamid said he had seen many Malaysians start from humble beginnings to becoming successful in the United States.

He quipped that he had heard successful Malaysians abroad wanting to go back to Malaysia to take part in the “Malaysia, My Second Home” Programme.

“Please remember, Malaysia is your first home,” he stressed.