Lippo Pacific gets $16.5m syndicated loan

Lippo Pacific gets $16.5m syndicated loan

JAKARTA (JP): PT Lippo Pacific, a property company, has
obtained a loan of US$16.5 million from a syndication of domestic
banks to finance the establishment of a five-star hotel in the
Lippo Village residential area in Tangerang, West Java.

A director of the company, Hariati Sudiro, said yesterday that
the five-year loan from the syndication of Tamara Bank, Subentra
Bank, Unibank, Bank Utama, Bank Bahari, Bank Pacific and Pan
Indonesia Bank will be used to establish Imperial Century Resort
Hotel & Imperial Country Club, which will be equipped with 152
rooms, 48 garden cabanas, a golf course, a swimming pool, a
health club and children's day care facilities.

The planned facilities will be constructed by PT Prudential
Hotel Development, Lippo Pacific's sister company within the
Lippo Group.

Hariati said the hotel, which will be managed by Century
International Hotels, is scheduled to open in September 1994.

Century International Hotels currently operate hotels in Hong
Kong, Vietnam and Indonesia. (09)