Conrad seeks loans

JAKARTA (JP): PT Arthayasa Grahatama, the owner of the Conrad International Center project, appointed Korea First Bank of South Korea yesterday to underwrite and arrange syndicated loans worth US$232.7 million from foreign and local banks.

Executives of Arthayasa and Korea First Bank signed the agreement on the loan arrangement here yesterday.

Arthayasa president Santoso Gunara said the planned syndicated loans, with a maturity of eight years, will be used to finance the construction of the property project, which requires a total investment of $650 million.

The hotel, which will have 685 rooms, will be ready by 1999.

In addition to a five-star Conrad hotel, the Conrad International Center in the Sudirman Business District will host an upmarket retail center, 130 serviced apartments and two office towers with a total of 115,000 square meters of leasable floor- space. (rid)