Plaza Indonesia Manager Led By Rosano Barack-in-law Syahrini Targets Grand Hyatt Renovation To Be Completed In 2023

Hotel Grand Hyatt. (Photo: Wikimedia Commons)

JAKARTA - PT Plaza Indonesia Realty Tbk (PLIN) targets the renovation of the Grand Hyatt Hotel to be completed in 2023. The project is funded by a loan facility worth US$35 million.

Director of Plaza Indonesia Realty Evy Tirtasudira said the majority of next year's capital expenditure will be used for the renovation of the Grand Hyatt which will be carried out in stages until 2023.

"The majority of the capital expenditure for the renovation of the Grand Hyatt was funded using a US$35 million loan facility which was carried out in stages. The funds will arrive until 2023 and are still in progress," he said at a public expose, Tuesday, December 14 yesterday.

Meanwhile, Deputy President Director Anthony Prabowo said the renovation was still in the work stage. The company where Syahrini's father-in-law, Rosano Barack is the Commissioner, has completed 56 percent of the work on the rooms.

Anthony explained, although the pandemic was still ongoing, the company did not stop its intention to renovate the Grand Hyatt. Because the nuances update is considered to make room occupancy better.

Since the pandemic hit, the Plaza Indonesia hotel room occupancy rate has only ranged from 4 percent to 38 percent for 14 months. However, the realization increased drastically from July to September.

"Between July and September, room occupancy scored the highest number during the COVID-19 pandemic. For November, EBITDA has even broken," he added.

For information, PLIN's revenue reached Rp447.43 billion in the first semester of 2021. This number decreased compared to the previous year's realization of Rp491.54 billion.

Meanwhile, the company was able to reverse the loss position into net profit thanks to the adjustment of the fair value of the investment property. Thus, the net profit became Rp. 205.34 billion, while last year's loss was up to Rp. 1.01 trillion.