PT Pakuwon Jati, Tbk.
Stock Code: PWON.IJ (Bloomberg), PWON.JK (Reuters)
Inauguration of The Westin Surabaya, a 5-star hotel in the Superblock Pakuwon Mall

 

Press Release

Today, Monday 7 December 2020, The Westin Surabaya, the second hotel in the Superblock Mall area, was inaugurated, after the Four Points Hotel was opened in December 2019. The Westin complements the Pakuwon Mall Superblock area, which stands on a land area of ​​16.9 hectares and is integrated with 185 thousand sqm retail malls and 6 apartment towers. This hotel is a property developed by PT Pakuwon Permai, a subsidiary of PT Pakuwon Jati Tbk.

This Westin hotel, is the fourth 5 star hotel in the Pakuwon Jati portfolio and is also the sixth collaboration with Marriott International. With a total of 204 rooms, which will be operated in stages, the number of rooms under the PT Pakuwon Jati portfolio will be 2,118 rooms consisting of 6 hotels and 2 service apartments including the Marriott Hotel Yogyakarta with 347 rooms which were taken over at the end of November 2020. This Westin hotel is equipped with a Grand Ballroom and Convention Center covering an area of ​​9,300 sqm which can accommodate up to 3,100 guests. "The total construction value (excluding land) of the Westin Hotel is IDR 650 billion," said Fenny, Director of PT Pakuwon Permai.

 

Recurring Income Growth Basis

The portion of hotel revenue in 2019 is 15% of the total recurring revenue of PT Pakuwon Jati, and with the operation of the Westin Hotel and at the same time as the acquisition of Marriott Yogyakarta, the portion of hotel revenue is expected to increase to 20% in 2021. The presence of this Westin Hotel will increasingly strengthening PT Pakuwon Jati's recurring income base
 

About PT Pakuwon Jati Tbk.

Pakuwon Jati owns, manages, and develops properties established 38 years ago and has been listed on Indonesia stock exchange since 1989. The company has a very well diversified business concept through property investment in which Pakuwon develops, owns, and manages shopping malls, office centers, and hotels, as well as sells strata title offices, condominiums, and township landed houses. Pakuwon Jati will continue to grow with balanced recurring and development revenue.

Here is the portfolio of properties owned by Pakuwon Jati:

  • Superblok Gandaria City, Jakarta (retail shopping mall, apartment, office and hotel)
  • Superblok Kota Kasablanka, Jakarta (retail shopping mall, apartment and office)
  • Somerset Berlian, Jakarta (serviced apartment)
  • Blok M Plaza, Jakarta (retail shopping mall)
  • Superblok Tunjungan City, Surabaya (retail shopping mall, apartment, office and hotels) 
  • Superblok Pakuwon Mall, West Surabaya (retail shopping mall, apartment, serviced apartment and hotels)
  • Royal Plaza, Surabaya (retail shopping mall)
  • Superblok Pakuwon City MallEast Surabaya (landed residential, retail shopping mall, apartment, commercial space for offices, and shophouse)
  • Grand Pakuwon township (landed residential) dan Food Junction (Hypermarket, culinary & leisure destination), in west Surabaya
  • Superblok Pakuwon Mall, Bekasi (retail shopping mall, apartment, hotel that will soon begin construction)
  • Hartono Mall and Hotel Marriott Yogyakarta (retail shopping mall and hotels)
  • Hartono Mall Solo Baru (retail shopping mall)

 

For further information:

Minarto Basuki (Director and Corporate Secretary) 
PT Pakuwon Jati, Tbk.

EastCoast Center 5th Floor 
Jl. Kejawan Putih Mutiara No. 17, Surabaya
Telepon : (6231) 58208788
Email: minartobasuki@pakuwon.com
Website: www.pakuwonjati.com