Jimbaran Villas gets loan for Bvlgari

JAKARTA: PT Jimbaran Villas, a subsidiary of media company MRA Group, has received a syndicated loan from one international and four local banks to build a Bvlgari hotel in Bali.

The five-year loan, with a one-year grace period, was disbursed through Singapore-based DBS bank and Bank Bukopin, NISP, Permata and Panin in the amount of US$3.5 million and Rp 128 billion (US$13.73 million) -- not $3.5 million, as previously reported -- with Bank DBS Indonesia as the loan manager.

The luxury Bvlgari Hotel and Resorts in Uluwatu, Bali, is targeted at the luxury end of the market, and is the brand's second hotel after the first in Milan was opened last year.

Construction of the project is expected to be completed by the end of this year. -- JP