The Jakarta Post
Indonesian-owned Northcliff Capital Pte, Ltd and its local partner Simasindo have acquired 100 percent of shares of RoomToday, a Washington-based start-up company engaging in online 'last minute' hotel booking.
After the acquisition, the Singapore-based firm will launch the android and iOS-based application RoomToday in Indonesia this year, providing more than 4,000 hotels to middle class travelers in the first year of operation. It is set to expand to Southeast Asia in 2018.
Northcliff chief executive officer (CEO) Erry Sulistio said the tech venture is a strong asset portfolio for the company as Indonesia's hospitality sector has been growing and is attractive for investors.
“Indonesia's economy is the largest in Southeast Asia, and we expect over 12 million foreign tourists. Local tourists are not even accounted for which is huge on its own," he said in a press statement in Jakarta on Monday, adding that the tech company has great potential in the next five years.
Meanwhile, Northcliff chief financial officer (CFO) Fernando Castillo III said RoomToday will tap into Indonesia's large middle class market and will do so in initially 12 major cities in Indonesia.
“RoomToday has been building relationships with hotels and establishing synergies for our payment systems that are easily accessible with a payment gateway other than credit cards. This is very important for our customers for a greater ease of doing business. These are two strategic aspects of our venture," he added. (ags)
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