Hotel Melia gets $14.75m loan

Hotel Melia gets $14.75m loan

JAKARTA (JP): PT Purosani Sri Persada, which owns the Hotel
Melia Purosani, Yogyakarta, secured Wednesday a syndicated loan
worth US$14.75 million from five local and overseas banks.

Tang Beng Lim, Purosani's president, said the loan would be
used to finance its existing debts.

The loan was arranged by Bank Tamara with participants
including the Bank of China, DBS Buana Tat Lee Bank, Bank Duta
and Bank Indovest.

Tamara's vice president director Hendrik Suhardiman said the
interest rate of the five-year loan facilities would be floated
to the Singapore Interbank Offered Rate (SIBOR).

The current rate was about 8.5 percent, he said, adding that
the rate would be adjusted to SIBOR every one or three months.

"The loan facilities were oversubscribed by 40 percent," said
Hendrik.

Purosani is 40 percent owned by PT Suryaraya Idaman of
Indonesia, while the remaining 60 percent shares are equally
owned by PT Suralaya Aninditia International of Indonesia, by
Singapore International Airlines Properties Pte. Ltd, and Keppel
Land of Singapore.

The five-star hotel is operated by the international hotel
chain Grupo Sol, which also has operations in Bali, Jakarta,
Singapore, Malaysia, Bangkok, Vietnam and Australia.

According to Tang, the 300-room hotel has an occupancy rate of
about 65 percent, the highest rate among four and five-star
hotels.

Tang, who is also an advisory member at the Suryaraya Idaman,
said Purosani had no expansion plans in the near future but its
shareholder, Suryaraya, planned to open three four-star hotels in
Jakarta, Yogyakarta and Surakarta next year.

Suryaraya has not chosen the operator for the hotels, he said.
(jsk)