A Rock Group's Holdings Bhd (ARGHB) aims to purchase hotels worth RM 500 million by the middle of 2021 to assist businesses in combating COVID-19.

ARGHB concentrates on acquisitions, merger or other types of smart collaboration with hotels in major tourist areas that have trouble sustaining their companies, in a newly developed business model.

The coronavirus outbreak has devastated businesses particularly in the tourism industry, said ARGHB Founder Datuk Joe Chong who adds that the company aims at building all kinds of partnerships or purchasing hotels that are closed or face significant losses due to the pandemic.

"ARGHB will focus on three- to five-star hotels that are having difficulty sustaining their operations by purchasing, forming a joint venture or injecting funds to their businesses,” he said.

He added that this would allow businesses to rebound and prevent closing their businesses in certain ways.

Chong said that supporting local hotels would also help communities survive the pandemic and reduce the possibility of unpaid leave or laying off for a time.

The company also promotes the participation in its rising asset portfolio in primary tourism fields of medium to low-income entrepreneurs and individuals.

The group owns RM50 million in assets to date, such as SDD Holdings Sdn Bhd, Millions Infinity Sdne Bhd, Zekimas Harta Sdn Bhd and the Langkawi Rock Resort.

He said even though the tourism industry has been badly affected by the COVID-19 pandemic, the company sees business opportunities along with economic improvement once the crisis ends.

“As the tourism industry starts to recover progressively, it is the best time to penetrate the market and create added value so we are all set for a rebound,” he said.

He said the company cooperates to promote its properties and the confidence of stakeholders, business partners and consumers with the government and local celebrities.

“We hope to build and gather entrepreneurs, investors and industry experts with the same vision and frequency to solve the funding problem faced by the tourism industry,” he added.