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)