Le Meridien invests US$50m

JAKARTA (JP): Le Meridien Hotel has invested around US$50 million for the construction of its new tower standing adjacent to the main building, $30 million of which was a loan from Hong Kong Bank, the hotel's owner said.

Probosutedjo, president of PT Wisata Triloka Buana, which manages the hotel, said after the topping off ceremony of the new tower yesterday that the construction of the tower was to meet the public demand for more hotel rooms.

"We've rejected room reservations lately," the tycoon said, adding that the occupation rate of Le Meridien reaches 86 percent.

The new tower will be 20 stories high with 150 rooms upon completion, scheduled in 1997.

The old hotel has 265 rooms, he said. Le Meridien Jakarta is managed by Forte-Meridien.

Probosutedjo said another company of his, the Kedaung Group, will construct a new four-star hotel in the city next year.

The Kedaung Group will cooperate with The New Hong Kong, one of the noted hotel chains in Hong Kong.

Investment for the new hotel is estimated to reach $80 million, and the Kedaung Group, Probosutedjo said, will also likely cooperate with Hong Kong Bank in the project. (sur)