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)