Radisson Hotel Group and Panorama Group, one of Indonesia’s leading tourism companies, have confirmed plans to end their Indonesian joint venture partnership, PT Carlson Panorama Hospitality, and pursue independent growth.
Radisson Hotel Group will now acquire its Panorama’s stake in PT Carlson Panorama Hospitality, giving it full control of the Indonesian venture.
The separation has been agreed amicably by the shareholders to permit the groups to align better with their respective business strategies, while still maintaining close business relationships.
The conglomerate first entered into a “strategic partner alliance with Radisson Hotel Group (Carlson Rezidor) in 1999 as part of a joint venture agreement to establish Carlson Wagonlit Travel (CWT) in Indonesia.
“Our partnership has seen the expansion of our footprint across the Indonesian archipelago, establishing our brands in important markets,” said Katerina Giannouka, President, Asia Pacific, Radisson Hotel Group. “Panorama Group is one of Indonesia’s leading tourism companies and we intend to retain a strong working relationship with the Group.”
“Our partnership with Radisson Hotel Group over the last five years has garnered mutual success. As we move forward as independent companies, all signs indicate accelerated growth and expansion for both parties” added Budi Tirtawisata, Chief Executive Officer, Panorama Group.
Radisson Hotel Group currently operates three hotels in Indonesia: Radisson Blu Bali Uluwatu, Radisson Golf & Convention Center Batam and Radisson Medan. Radisson Lampung is slated to open in Q2 2019.