Indonesia's Danantara merges state hotels under InJourney umbrella

Jakarta (ANTARA) - Indonesia’s state investment management agency, Danantara, has initiated a massive consolidation of all state-owned enterprise (SOE) hotels, placing them under the management of the national tourism holding company, InJourney.

A total of 45 state-owned hotels signed Conditional Sale and Purchase Agreements (CSPAs) on Friday to kick off the first phase of the asset unification.

The government projects that up to 120 state-owned hotels will eventually be integrated into InJourney's portfolio, transforming the holding company into Indonesia’s second-largest hotel operator.

"The unification of all SOE hotels under the InJourney umbrella is a major leap in restructuring and strengthening the value of our hospitality assets to make them globally competitive," Head of the SOEs Regulatory Agency and COO of Danantara Dony Oskaria said in a statement on Friday.

Dony emphasized that the initial CSPA signings are an integral step in the structural transformation of the country's hospitality sector.

He added that the transaction scheme ensures the consolidation is executed with strict financial prudence and adheres to robust corporate governance principles.

"We will maintain this positive momentum, and we project additional signings from several other hotels early next week," Dony noted.

"This is a concrete step toward optimizing asset value and creating a more robust management structure."

All consolidated hospitality assets will eventually be managed under PT Hotel Indonesia Natour, rebranded as InJourney Hospitality.

Dony explained that bringing these disparate assets together provides a "solid foundation for value creation," ultimately yielding a more efficient, competitive, and integrated national tourism portfolio.

Once the consolidation achieves a critical mass of at least 100 properties, Danantara plans to pitch the portfolio to outside capital.

The agency will open strategic partnership opportunities to both international and domestic investors through various joint-venture and cooperation frameworks, Dony concluded.

Translator: Putu Indah Savitri, Yashinta Difa

Editor: Aditya Eko Sigit Wicaksono

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