President will open Mustika Sheraton Hotel
JAKARTA (JP): President Soeharto will open Sheraton Mustika Yogyakarta Hotel next week, the first hotel owned by the Mustika Ratu Group.
Mooryati Soedibyo, president of PT Mustika Princess which owns the hotel, said Soeharto would be accompanied by several ministers, foreign ambassadors, Chamber of Commerce members and other businesspeople during his visit to Yogyakarta.
"A grand opening ceremony will be held to officially open the hotel which has been operating since April," Mooryati said.
Sheraton Mustika is owned by PT Mustika Princess Hotel, a joint venture between PT Mustika Ratu Investama, the holding company of Mustika Ratu Group and PT Kusuma Propertindo Development of the diversified Drassindo Group.
Under a profit sharing scheme, international hotel chain ITT Sheraton will manage the hotel for 10 years.
Mustika Ratu manufactures traditional cosmetic and medicine products.
The company invested about US$75 million to build the hotel, about US$31.5 million of which was financed by a loan from Bank Duta and US$43.5 million was from the company's equity, Mooryati said.
She said the company expected to breakeven in three years and obtain the return on investment in less than 10 years.
"If things continue to go well, I'm optimistic we can reach the target," she said, adding that the hotel's occupancy rate since April's soft opening was well above 60 percent.
The hotel, designed for conventions and conferences, will target foreign and local tourists as well as businesspeople.
The hotel's current occupancy rate was about 90 percent, 60 percent of whom were foreign tourists, she said.
Mooryati said she was optimistic the hotel could compete with other hotels in the area as it was unique and featured traditional architecture.
The hotel, built on 5.6 hectares, is about two kilometers from the Adisucipto Airport and 10 kilometers from Yogyakarta.
It has eight floors, 213 standard rooms, 16 deluxe and 17 suites.
Adopting the traditional style and design of the Yogyakarta palace, the hotel offers facilities ranging from leisure to business.
Its convention hall is able to house 3,000 people, while its spa offers traditional health and beauty treatments using modern equipment.
Local handicraft products are sold on the hotel's ground floor. The area is called the "ramp shop area", resembling Yogyakarta's Malioboro street which is known for its street vendors, said Mooryati.
The hotel's outdoor swimming pool was inspired by the pool used by the Yogyakarta sultan, the Taman Sari Garden, she said.
The hotel lobby is uniquely located on the seventh floor overlooking Mount Merapi and an aviary is located between the two wings of the hotel. (das)