UOL Group to buy 154-room hotel in Jakarta for US$50m

UOL Group has entered into an agreement to buy a 154-room hotel in Jakarta, Indonesia from PT Success Venture Hotel Investments for US$50 million.

The hotel, which is under construction and will be managed by Pan Pacific Hotels Group (PPHG) in 2022, is located on levels 51 to 57 of Tower 2 of Thamrin Nine, an integrated development. The integrated development comprises hotels, offices, retail and other facilities.

The hotel has an estimated total semi-gross floor area of 135,377 square feet, and an extendable 30-year lease.

The acquisition will be financed by internal resources and external borrowings.

The hotel is located in the same development as the upcoming PARKROYAL Serviced Suites Jakarta, located on levels 41 to 50 in Tower 2 of the integrated development, and the PARKROYAL Jakarta, located on levels 5 to 9 of Tower 2.

UOL shares closed at S$8.25 on Thursday, down S$0.08 or 0.96 per cent.