Indies Capital Acquires 60 Percent of Swiss-BelHotel Shares from Ciputra Group

This acquisition is a follow-up step for Indies Capital to develop the hotel business.

REPUBLIKA.CO. ID, JAKARTA– Venture capital company Indies Capital Partners has officially acquired 60 percent of PT Swiss-Belhotel’s shares International Indonesia and PT Zest Hotels International Indonesia from Ciputra Group. The acquisition is a follow-up step for Indies Capital Partners to develop the hospitality business after last year disbursing series B funding for the ARTOTEL Group.

Managing Partners Indies Capital Pandu Sjahrir in a statement in Jakarta, Thursday (17/11/2022), said, Indies Capital launched Indies Hospitality Investments in 2021 due to the opportunity created by the pandemic to build a hotel management platform largest in Indonesia.

Pandu said he was very enthusiastic about the acquisition and hoped to provide best for customers and stakeholders. “I am very excited for this new partnership. Working together with both operators, Swiss-Belhotel International and ARTOTEL Group, we can build a pleasant group of operators for our customers and stakeholders,” said Pandu.

Swiss-Belhotel International Group provides serviced accommodation and property management services in Hong Kong, China, Indonesia, Malaysia, Philippines, Vietnam, Bahrain, Egypt, Kuwait, Oman, Qatar, United Arab Emirates, Australia, New Zealand, Switzerland and Thailand. The Group currently manages 125 properties in 16 countries under 16 brands.

“We believe in the long-term essentials of the Indonesian hospitality sector and want to leverage our experience to support the company,” said Harold Ong, Managing Director of Indies Capital.

Indonesia’s tourism industry sector is getting better this year and still has great prospects in the future. After suffering a major blow due to the Covid-19 pandemic, in the period from January to September this year, 2.3 million foreign tourists visited Indonesia. A very significant increase compared to the same period last year where only 86 thousand visitors were recorded.

Established in 2009, Indies Capital Partners was one of the first private credit-focused managers established in Southeast Asia. Today, Indies Capital has grown to become the leading alternative asset manager in the top quartile in the region, with strategies ranging from private credit to private equity and assets under management of around USD 800 million as of June 2022.

source: Between

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