Billionaire brothers' IOI Properties to build 4 new Marriott hotels across Malaysia
IOI Properties, controlled by billionaire brothers Lee Yeow Chor and Lee Yeow Seng, has inked an agreement with Marriott International to develop four new hotels with a combined 888 rooms across Malaysia.
Billionaire brothers and Malaysian tycoons Lee brothers have announced plans to construct four new Marriott hotels across Malaysia, as reported by VnExpress Business. The properties, which include a 215-room The Ritz-Carlton, Putrajaya; a 173-room W Langkawi; and two 250-room Aloft by Marriott hotels in Sepang and Johor Baru Plentong, are expected to open between 2030 and 2032.
The partnership, according to Lee Yeow Seng, group CEO of IOI Properties, aligns with the company's vision of developing integrated projects that create economic and social value for local communities. The signing of these hotels marks the group's position as a significant hospitality owner, bringing the total number of hotels owned by the group and managed by Marriott to 15.
IOI Properties aims to expand its hospitality portfolio across Malaysia, Singapore, and China to 4,648 rooms by 2032. The group reported a record revenue of RM4.44 billion (US$1.08 billion) for the 2026 financial year ended June 30 and a more than doubled net profit of RM2.15 billion. IOI Properties is part of an empire founded by the late Malaysian tycoon Lee Shin Cheng that also has interests in palm oil and is now led by the Lee brothers, who rank among Malaysia's richest people with a combined net worth of US$8.5 billion, according to Forbes.
Brief written by urgent.news from VnExpress Business's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
