Ascott buys majority stake in Indonesian hotel operator Tauzia
Singapore based serviced residences operator Ascott has invested nearly $US26 million in a majority stake for Indonesia’s Tauzia Hotels.
Ascott will take a 70% stake in Tauzia’s holding company Green Oak Hotel Management.
Tauzia is one of Indonesia’s largest home grown hotel operators and has a presence in major business and leisure destinations including Jakarta, Bali, Bandung, Surabaya and Yogyakarta.
"While Ascott’s serviced residences continue to see strong demand from expatriates and corporate travellers, we can capitalise on significant opportunities in the middle-class business hotel segment, which is expanding at an unprecedented rate," said Ascott chief executive officer Kevin Goh.
"With our investment in Tauzia, we look forward to accessing this market, which is one of the fastest-growing segments of the hotel industry."
Following the Tauzia deal completion, Ascott’s portfolio will increase to 94,000 accommodation units globally.
Tauzia has half a dozen business focused and lifestyle brands including Harris Hotels and POP! Hotels..
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