The Edge reported that Japanese billionaire Katsumi Tada, owner of the KL Hilton, sold it to Daito Trust Construction Co Ltd for for ¥13.7 billion (RM497 million).

According to the report, Daito was founded by Tada in 1974, but he cut ties with it in 2011.

Last Friday, Daito informed the Tokyo Stock Exchange that it was buying Daisho Asia Development (M) Sdn Bhd, which owns the hotel, for ¥13.7 billion.

The 35-storey Hilton KL is a freehold property and occupies 12,342.4 sq m. Its gross area, excluding the car park, is 53,696 sq m. It has 10 food and beverage outlets and nine function rooms.

Hilton KL, which commenced operations on Sept 22, 2004, recorded a revenue of RM151.09 million in financial year 2014 and RM150.16 million in financial year 2015, with a net profit of RM6.18 million and a net loss of RM45.49 million, respectively.

Meanwhile, Le Meridien, which commenced business on Oct 4, 2004, made RM90.83 million and RM100.44 million, respectively in financial year 2015 and financial year 2016.

The report said last March, Aloft Kuala Lumpur Sentral, located close to Hilton KL, was sold to Prosper Group Holdings Ltd for RM418.7 million or RM879,000 per room by Aseana Properties Ltd.