UOL acquires 154-key hotel in Jakarta for $67.5 mil

/ EdgeProp Singapore |
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SINGAPORE (EDGEPROP) - UOL Group announced the acquisition of a 154-key hotel in Tower 2 of integrated development Thamrin Nine in Jakarta, Indonesia for US$50 million (S$67.5 million) from PT Putragaya Wahana Group (PWG). The hotel, which is under construction, will be branded Pan Pacific Jakarta.
Thamrin Nine is a 5.2ha mixed-use development located in the heart of Jakarta’s financial district (Photo: UOL Group)
Thamrin Nine is a 5.2ha mixed-use development located in the heart of Jakarta’s financial district (Photo: UOL Group)
Thamrin Nine is a 5.2ha mixed-use development by PWG, located in the heart of Jakarta’s financial district. Given the scale of the development, it is constructed in phases, with Tower 2 scheduled to complete in 2022.
Tower 2 of Thamrin Nine has a direct underground link to Dukuh Atas MRT station, one of the 13 stations on Jakarta’s first MRT line called the North South Line. 2
In July 2018, UOL had acquired 180 apartments in Tower 2 of Thamrin Nine to be developed into a 180-suite Parkroyal Serviced Suites Jakarta. It had concurrently entered into a hotel management agreement to operate a 185-key Parkroyal Jakarta in the same tower.
Twelve months before, on July 2017, Pan Pacific Hotels Group signed a management contract with PT China Sonangol Media Investment to operate a 179-unit Pan Pacific Serviced Suites Jakarta in the North Tower of Indonesia 1. The development is located along Jalan Thamrin, one of the main avenues running through the CBD, and is slated to open by 2020.
This latest acquisition will see UOL owning or managing four hotels and serviced suites in Jakarta, with a total of about 700 rooms, says Jesline Goh, UOL chief investment and asset officer. “This acquisition further strengthens our hospitality footprint and completes our brand presence in Jakarta,” she adds.
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