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UOL intends to rebrand the 154-room hotel as Pan Pacific Jakarta.
UOL Group deepened its hospitality footprint in Jakarta, with the US$50 million (S$67.5 million) acquisition of a 154-key hotel within Tower 2 of Thamrin Nine from PT Putragaya Wahana.
UOL intends to rebrand the hotel, which is under construction, as Pan Pacific Jakarta.
Thamrin Nine is a 5.2ha mixed-use development situated at the heart of Jakarta’s financial district. It is constructed in phases, with Tower 2 slated for completion in 2022.
Tower 2 comes with a direct underground link to Dukuh Atas MRT Station, which is one of 13 stations on the first MRT line in Jakarta, dubbed the North South Line.
The move follows UOL’s acquisition of 180 apartments in Thamrin Nine’s Tower 2 in July 2018, which it intends to develop into a 180-suite Parkroyal Serviced Suites Jakarta. The group concurrently inked a hotel management agreement to operate a 185-key PARKROYAL Jakarta within the same tower in Thamrin Nine.
“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,” said UOL Chief Investment and Asset Officer Jesline Goh.
“With the acquisition, UOL owns/manages four hotels and serviced suites in Jakarta, offering about 700 rooms.”
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg