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ublicly listed tour and travel company Panorama Sentrawisata, part of the Panorama Group, is set to strengthen its foothold in the country'€™s hospitality industry when it opens Radisson Batam later this year after acquiring The 101 Yogyakarta Tugu Hotel in April this year.

In cooperation with Carlson Rezidor, one of the world'€™s largest hotel management firms, Panorama is planning to open 20 new hotels by 2020. The firm signed the joint venture agreement with Carlson Rezidor '€” which currently operates around 1,500 hotels in 100 countries '€” in 2013.

The first hotel that Panorama will open in cooperation with Carlson Rezidor is the 222-room Radisson Batam in the Riau Islands by the end of this year, according to Panorama finance director Daniel Martinus.

'€œIn the first half of 2016, we will also open Radisson Lampung and Radisson Jakarta, which will be located near the airport,'€ Daniel said, referring to the country'€™s main gate, Soekarno-Hatta International Airport in Tangerang, Banten.

Other hotels in the pipeline are the 125-room Radisson Bali Uluwatu, in Bali, and also the 256-room Park Inn by Radisson in Makassar, South Sulawesi.

Panorama is currently involved in three business sectors, namely tourism, transportation and hospitality.

Without mentioning details, Daniel said that the company'€™s hospitality business was expected to boost the firm'€™s revenue, which was still dominated by sales in outbound travel.

Panorama president director Budi Tirtawisata said that the company allocated Rp 400 billion (US$30 million) for capital expenditure this year, of which 40 percent had been spent acquiring the 1O1 Hotel, which was the first hotel owned by the firm.

'€œWe are optimistic that the hotel will be close to 70 percent occupied even during the fasting month, as we recorded 90 percent occupancy after the acquisition,'€ Budi said, talking about the 1O1 hotel, which was officially acquired in April.

Part of the fund was obtained from the issuance of bonds worth Rp 340 billion in April.

Panorama Group, through its subsidiary PHM Hospitality, currently operates six hotels with four different brands. Their brands are BnB, for budget hotels, the 1O1, for midscale hotels, the Haven, for four-star hotels and FRii, their boutique hotel brand.

PHM has previously stated that it will manage three more hotels this year, namely The BnB in Bandung Metro Indah, The Haven Bali Brawa and The 101 in Belitung.

During the first quarter of this year, Panorama Sentrawisata recorded Rp 407 billion in net revenue, a 16 percent increase from the same period last year. The firm took Rp 8.26 billion in net profit in the first quarter, up 10 percent from the same period in 2014.

Shares in Panorama Sentrawisata, which are traded on the bourse under the code PANR, were priced at Rp 525 apiece at Thursday'€™s close, up 8.7 percent so far this year, easily outperforming the broader benchmark Jakarta Composite Index'€™s (JCI) 5.87 percent drop.