Indonesian company sells big hotel<\/p>\n
HONG KONG (Dow Jones): An Indonesian company has sold an
\nupscale hotel in Melbourne to Sydney-based Southern Pacific Hotel
\nCorp. group, a hotelier owned by Chicago's prominent Pritzker
\nfamily.<\/p>\n
The 384-room, four-star Melbourne Centra Hotel fetched about
\nA$70 million, according to Anthony Karp, regional director of JLW
\nTransAct Pte Ltd. in Singapore, which brokered the deal on behalf
\nof its Indonesian client Perfect Match Ltd.<\/p>\n
Perfect Match is a joint venture between Indonesia's Budiman
\nfamily and businessman Sulistyo Winarko, whose interests include
\nPT Surabaya Agung Industri Pulp & Kertas (P.SAI), an Indonesian
\npulp and paper manufacturer.<\/p>\n
Karp declined to reveal details or the exact amount of the
\ntransaction. Perfect Match and Southern Pacific Hotel couldn't be
\nreached for comment.<\/p>\n
Perfect Match bought the Melbourne hotel originally in 1991
\nfor A$52.5 million, Karp told Dow Jones Newswires. Southern
\nPacific Hotel has been managing the hotel operation ever since.<\/p>\n
Analysts in Indonesia said many debt-ridden Indonesian
\ncompanies are beginning to cash in their offshore assets to take
\nadvantage of the rupiah's sharp depreciation versus the U.S.
\ndollar in the past year, and to bolster their financial position
\nat home.<\/p>\n
Karp declined to speculate whether his clients were distressed
\nsellers. He added, however, that Perfect Match may still be
\nlooking for buyers for a hotel and office complex in Auckland,
\nNew Zealand.<\/p>\n
Many Asian investors are divesting from properties accumulated
\nduring the boom years in such countries as Australia, the U.K.
\nand U.S. which have \"harder currencies than what they've got at
\nhome,\" said Eric Levy of Horwath Hotel Partners, a regional hotel
\nconsultancy. \"It's a good time to harvest capital from overseas
\nand bring it home.\"<\/p>",
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