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Five Hotels to be Privatized

Hotel Indonesian Natour Group to Sell Off 5 Bali Properties.

(4/15/2002) Five Government-owned hotels in Bali operated by the Hotel Indonesia Natour (HIN) Group are set for partial or complete sale to private interests in a move slated to maximize the profit performance of the underachieving hotels presently operated by the group.

In a press conference held on April 4, 2002, in Bali, Mr. Ferdinand Nainggolan, the Commissioner of the HIN Group revealed that of the 16 hotels operated by his group in 8 Indonesian provinces, 14 would soon be placed on offer to domestic and overseas investors for joint venture or joint operations.

He cited the highly competitive nature of the hotel industry and the capital required to upgrade and improve facilities and the need to improve the lackluster financial performance of the government owned hotels as a prime motivation in the decision to undertake the sale.