Sunborn International, a Finnish property development and investment company, is seeking investors for its 189-room luxury yacht hotel being built in Malaysia, according to a sales document.
The 140-meter (459-foot) long “Sunborn III,” with 15,500 square meters (167,000 square feet) of floor space spread across seven floors, will be completed this month and Sunborn is seeking to raise 120 million euros ($156 million) from investors, the document seen by Bloomberg News said. The group also owns “Sunborn II,” a decade-old 140-room floating hotel docked off the Finnish coast, according to the company’s website.
Turku, Finland-based Sunborn is turning to Asia as Europe’s economy struggles to emerge from the deepest recession in almost four years. Asia-Pacific millionaires outnumbered those in North America for the first time in 2011, according to the World Wealth Report published by RBC Wealth Management and Capgemini SA in June.
The “Sunborn III” includes a ballroom and banqueting facilities for 360 people, 22 suites, a nightclub and an outdoor infinity pool, according to the document. Xavier Valero, head of international development and legal affairs at Sunborn, declined to comment on the new boat, saying they are always looking for investors.
Super yachts have become the world’s ultimate symbol of wealth and exclusivity, according to the sales document. Floating hotels can be relocated and offer a secure investment that can be moved for economic reasons or political instability.
Sunborn pioneered the yacht-hotel concept by building its first one in 1998. Sunborn International set up Sunborn Marine, a shipbuilding complex, in Lumut, on the west coast of Malaysia, in 2007, according to the company’s website. The group, with interests in property, hospitality, health care and media, employs 800 people globally, according to the website.
The number of individuals in Asia-Pacific with at least $1 million in investable assets advanced 1.6 percent in 2011 to 3.37 million, according to the RBC and Capgemini report. That’s higher than 3.35 million in North America and 3.17 million in Europe. North America still topped as the region with the largest amount of investable wealth, at $11.4 trillion, compared with $10.7 trillion in the Asia-Pacific region.
The European Central Bank forecasts gross domestic product will decline 0.3 percent this year.