Singapore’s UOL Group have announced the acquisition of a 154-key hotel in Tower 2 of Thamrin Nine in Jakarta, Indonesia for a purchase price of US$50 million from PT Putragaya Wahana.
The hotel, which is under construction, will be branded as Pan Pacific Jakarta.
This follows from an earlier announcement in July 2018 stating that UOL had acquired 180 apartments to develop into a 180-suite PARKROYAL Serviced Suites Jakarta and concurrently entered into a hotel management agreement to operate a 185-key PARKROYAL Jakarta in the same tower in Thamrin Nine.
Thamrin Nine is a 5.2-hectare mixed-use development in the heart of Jakarta’s financial district. Constructed in phases, Tower 2 is expected to be completed in 2022.
The Purchase Price was arrived at on a willing-buyer and willing-seller basis considering various commercial factors, including the location of the Hotel and the prevailing market conditions.
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.
An initial payment being 35% of the Purchase Price was paid on signing of the sale and purchase agreement. The balance will be paid progressively according to the stages of completion set out in the sale and purchase agreement.
UOL Chief Investment and Asset Officer Jesline Goh said: “This acquisition further strengthens our hospitality footprint and completes our brand presence in Jakarta. It is timely as we expect improved tourist arrivals and MICE events in central Jakarta over the long term.
With the acquisition, UOL owns/manages four hotels and serviced suites in Jakarta, offering about 700 rooms.”
Guests at the three owned/managed hotels and serviced suites in Tower 2 will enjoy the convenience of a direct underground link from Thamrin Nine to Dukuh Atas MRT Station, one of the 13 stations on Jakarta’s first MRT line called the North South Line.
UOL Group Limited is one of Singapore’s leading public-listed property companies with total assets of about $20 billion. The Company has a diversified portfolio of development and investment properties, hotels and serviced suites in Asia, Oceania and North America.
UOL, through its hotel subsidiary Pan Pacific Hotels Group Limited, owns three hotel brands, namely “Pan Pacific”, PARKROYAL COLLECTION and PARKROYAL.
The Company’s Singapore-listed property subsidiary, United Industrial Corporation Limited, owns an extensive portfolio of prime commercial assets and hotels in Singapore.