UOL acquires 154-key hotel in Indonesia for $67.5m

Construction is expected to be completed in 2022.

UOL Group has bought 154-key hotel in Tower 2 of Thamrin Nine in Jakarta, Indonesia for $67.5m (US$50m) from PT Putragaya Wahana, an announcement revealed. The hotel 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.

The site is a 5.2 ha mixed-use development in Indonesia’s capital. Constructed in phases, Tower 2 is expected to be completed in 2022.

UOL’s latest acquisition expands its portfolio to a total of four hotels and serviced suites in Jakarta.