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Indies Capital Partners acquires 60 percent of Swiss-Belhotel Indonesia
The Singapore-based venture capital firm has acquired 60 percent of PT Swiss-Belhotel International Indonesia and PT Zest Hotels International Indonesia in a move described as the firm's next step in developing its hospitality business after it led the Series B funding for ARTOTEL Group last year.
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People gather at the Swiss-Belhotel Pondok for a New Year's Eve party in this undated photo.
(Courtesy of Swissbel Hotel/-)
I
ndies Capital Partners, a Singapore-based venture capital (VC) firm, has replaced Ciputra Group as the majority shareholder of PT Swiss-Belhotel International Indonesia and PT Zest Hotels International Indonesia.
As announced on Thursday, the firm acquired 60 percent of Swiss-Belhotel and Zest Hotels on Monday in a move described as Indies’ next step in developing its hospitality business after it led the Series B funding for ARTOTEL Group last year.
The value of the deal was not disclosed.
“I am enthusiastic about this new partnership. Working with both Swiss-Belhotel International and ARTOTEL Group will enable us to build an operator group that can delight our customers and stakeholders,” said Indies Capital managing partner Pandu Sjahrir in a statement released on Thursday.
Pandu went on to say that the reason behind the establishment of Indies Hospitality Investments — Indies Capital’s hospitality business arm — in 2021 was that the VC firm saw an opportunity to build an Indonesian hotel management platform.
“We believe in [the] long-term fundamentals of [the] Indonesian hospitality sector, and we want our experience to be beneficial in supporting the firm,” said Indies Capital managing director Harold Ong.
Swiss-Belhotel International Group has 125 properties under 16 brands in 15 countries, namely two in China (including one in Hong Kong), and one each in Indonesia, Malaysia, the Philippines, Vietnam, Bahrain, Egypt, Kuwait, Oman, Qatar, United Arab Emirates, Australia, New Zealand, Switzerland and Thailand.
