{
    "success": true,
    "data": {
        "id": 1016047,
        "msgid": "foreign-investment-for-hotels-down-835-1447893297",
        "date": "1994-05-11 00:00:00",
        "title": "Foreign investment for hotels down 83.5%",
        "author": null,
        "source": "JP",
        "tags": null,
        "topic": null,
        "summary": "Foreign investment for hotels down 83.5% JAKARTA (JP): Foreign investment approved by the government last year for the establishment of hotels plunged by 83.5 percent to US$132.49 million from the previous year, the Directorate General of Tourism says. The office said in a report here yesterday that domestic investment for hotel construction declined by 33.6 percent to Rp 1.68 trillion ($784.87 million) last year from the previous year.",
        "content": "<p>Foreign investment for hotels down 83.5%<\/p>\n<p>JAKARTA (JP): Foreign investment approved by the government <br>\nlast year for the establishment of hotels plunged by 83.5 percent <br>\nto US$132.49 million from the previous year, the Directorate <br>\nGeneral of Tourism says.<\/p>\n<p>The office said in a report here yesterday that domestic <br>\ninvestment for hotel construction declined by 33.6 percent to Rp <br>\n1.68 trillion ($784.87 million) last year from the previous year.<\/p>\n<p>In terms of projects, the number of hotels -- star-rated and <br>\nnon-star-rated -- to be established with both foreign and <br>\ndomestic investment dropped to 63 last year from 85 in 1992.<\/p>\n<p>In 1991, the government approved $1.23 billion in foreign <br>\ninvestment for 18 hotel projects and Rp 4.53 trillion in domestic <br>\ninvestment for 113 hotels.<\/p>\n<p>Director General of Tourism Andi Mappi Sammeng told a press <br>\nconference here yesterday that foreign investment for hotel <br>\ndevelopment was a vital part of investment in the tourism <br>\nindustry, which declined sharply to $304.51 million last year <br>\nfrom $1.31 billion in 1992.<\/p>\n<p>The tourism industry projects to be developed include <br>\nrecreation centers, travel agencies, water tourist resorts and <br>\nrestaurants besides hotels.<\/p>\n<p>Andi commented that foreign investors were apparently not <br>\ninterested in establishing new travel agencies, restaurants and <br>\ntourist resorts last year.<\/p>\n<p>He said that total domestic investment in the tourism industry <br>\nalso dropped from Rp 2.35 trillion in 1992 to Rp 2.12 trillion <br>\nlast year.<\/p>\n<p>\"Most of the hotels to be established with the investment <br>\ncommitted last year will be located in Jakarta, Yogyakarta and <br>\nBali,\" he said, adding that investors apparently consider that <br>\nthe three cities are still well supported by adequate <br>\ninfrastructures.<\/p>\n<p>Investors are forced to spend a great deal of money to <br>\nestablish new hotels on islands other than Java and Bali due to <br>\npoor infrastructure , he noted.<\/p>\n<p>According to Andi, Indonesia currently has 570 star-rated <br>\nhotels totaling 51,116 rooms. (icn)<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/foreign-investment-for-hotels-down-835-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}