Jakarta  (2007-05-23)

FOUR-STAR Hotel Raddin Ancol, in North Jakarta's Ancol recreational park, closed yesterday.

Owner, Jakarta Setiabudi International (JSI), said the hotel failed to reach the occupancy target and it had accumulated losses of 530 billion rupiah (US$38...." />
 
Wednesday . June 26 . 2019
         
 
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Hotel Raddin Ancol shuts down
 
Jakarta  (2007-05-23)

FOUR-STAR Hotel Raddin Ancol, in North Jakarta's Ancol recreational park, closed yesterday.

Owner, Jakarta Setiabudi International (JSI), said the hotel failed to reach the occupancy target and it had accumulated losses of 530 billion rupiah (US$38.9 million) over the years.

JSI vice-president, Mr Purwo Hari Prawiro, said: "The hotel's annual loss reached an average of 41 billion rupiah. Up to 2006, its liability reached 435 per cent of its assets."

JSI will either sell the property or turn it into an apartment. The 292-room hotel was reported to be running an average occupancy of 35 per cent since its opening in 1994.

JSI is a major hotel and property developer in Indonesia and owns Grand Hyatt Bali, Hyatt Bali, Mercure Resort Sanur, Mercure Convention Center, Ancol, Jakarta, and Hotel Formule 1 Menteng, Jakarta.

It plans to build more Formule 1 properties in Indonesia.

 
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