Hotel Indonesia deep in the red<\/p>\n
JAKARTA (JP): PT Hotel Indonesia International and Natour
\nsuffered a deficit of Rp 13.4 billion (US$5.9 million) during the
\nfirst five months of this year due to the tight competition in
\nthe hotel businesses, a company source says.<\/p>\n
The loss will likely make it even more difficult for the
\ncompany to go public because it also suffered a deficit of Rp
\n13.7 billion in 1993 and Rp 25 billion in 1994, the source said,
\nAntara reported on Saturday.<\/p>\n
The company, which is a merger of PT Hotel Indonesia
\nInternational and PT Natour under a government ruling of 1993,
\nplans to go public to raise funds for its improvement programs,
\nincluding the renovation of its old hotels, at a cost of about Rp
\n300 billion.<\/p>\n
The source also said that to improve its service, the company
\nis looking for cooperation with foreign management hotel
\ncompanies, such as Travel Lodge, Sheraton, Accor and Radison, in
\nthe management of its hotels.<\/p>\n
A spokesman for Hotel Indonesia International and Natour,
\nArifin Pasaribu, said the company will soon have a shake-up of
\nits board of directors.<\/p>\n
\"Minister of Tourism, Post and Telecommunications Joop Ave
\nwill, most likely, install the company's new directors next
\nweek,\" he said.<\/p>\n
Arifin said Indra Setiawan, from PT Indosat, will probably
\nreplace Widjaja Sugarda as the company's president, while
\nMarketing Director Gde Rai will be replaced by F. Purwono, who is
\nnow head of the Indonesia Tourism Promotion Center in Taiwan.<\/p>\n
According to Arifin, Gde Rai will be promoted as president of
\nPT Bali Tourism Development Corporation to replace Nadir Zein,
\nwho will be installed as an official of the Ministry of
\nFinance.(31)<\/p>",
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