PT PP Properti Tbk (PPRO) has officially announced its plan to divest its hotel asset, Prime Park Hotel Bandung, to PT Hotel Indonesia Natour (HIN). The transaction value for the transfer of the asset, located on Jalan P.H.H. Mustofa, Bandung City, was agreed at Rp133.01 billion.
The transaction process is being carried out through an asset in-kind contribution (inbreng) scheme into HIN. In exchange for the transfer, PPRO will receive new Series C shares from HIN, which will subsequently be purchased in cash by PT Aviasi Pariwisata Indonesia (Persero), better known as InJourney, once all preliminary conditions in the agreement are met.
PPRO's management stated that this strategic move was made to realize investment value and streamline the company's portfolio. By divesting the hotel asset, the company committed to refocussing its resources and management on its core business lines, which include property development, residential zones, commercial areas, realty, and corporate asset management.
Beyond PPRO, this integration is also viewed positively for the state-owned enterprise (BUMN) ecosystem. The transfer of the asset to HIN is expected to increase operational efficiency, as HIN is an entity specializing in the hospitality sector under the auspices of InJourney. This consolidation step is expected to create stronger synergies and enhance the competitiveness of the state-owned hospitality industry in the future.
