Radisson Hotel Group and Panorama Group Announce End Of Joint Venture Partnership In Indonesia
Radisson Hotel Group™ (formerly Carlson Rezidor Hotel Group, a subsidiary of Carlson Group) and Panorama Group have confirmed plans to conclude their Indonesian joint venture partnership, PT Carlson Panorama Hospitality, and pursue independent growth.
The Group signed a strategic partnership with Panorama Group in 2013, leading to the creation of a joint venture hotel management company in Indonesia. Radisson Hotel Group will now acquire its partner's stake in PT Carlson Panorama Hospitality, giving it full control of the 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.
With 46 years of experience and more than 100 offices, Panorama Group is one of Indonesia's leading tourism companies. The conglomerate first linked up with Carlson Group 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.
With its large and youthful population, strong economic growth and position at the heart of the ASEAN region, Indonesia is one of the world's most exciting emerging markets. This offers significant opportunities for well-respected and innovative travel and hospitality companies like Radisson Hotel Group and Panorama Group, which will now be able to focus on their core activities.
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.
Panorama Group runs an integrated travel and tourism businesses covering inbound, travel & leisure, media, hospitality and transportation. Currently, Panorama is opening offices in Malaysia and Thailand, and will expanding its business to Vietnam and some ASEAN potential countries.
About Radisson Hotel Group
Radisson Hotel Group is one of the world's largest hotel groups with nine distinctive hotel brands, and more than 1,600 hotels in operation and under development in 120 countries. The Group's overarching brand promise is Every Moment Matters with a signature Yes I Can! service ethos.
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