Bosowa Group, Founder by Aksa Mahmud, plans to acquire the rest 25% shares in Hotel Imperial Aryaduta Makassar from the Lippo group and the Provincial Government of South Sulawesi in near future.
Bosowa Group currently controlled 75% shares in the hotel. In the agreement, Bosowa indeed has to acquire all shares in the hotel.
Bosowa through PT Makassar Hotel Network acquired the asset of Hotel Imperial Aryaduta from PT Lippo Karawaci Tbk in Makassar for US$17 million in June 2008. The sale and purchase agreement was signed in Jakarta in December 2007.
Bosowa has paid US$4 million and the rest will be paid later. Aksa Mahmud, controls an 89% stake in PT Makassar Hotel Network.
The hotel asset value right now estimated at US$20 million. Based on that, Bosowa must prepare at least US$3 million to buy the remaining shares from Lippo and the Provincial Government of South Sulawesi.
The Provincial Government of South Sulawesi recently established a team to calculate the asset value, especially the value of the Hotel Imperial Aryaduta land owned by the provincial government.
For the past three years, the provincial government has no longer received dividend from the hotel operation. Using land equities back then, the provincial government currently still had 0.08% shares. When the hotel was first built in 2006, the Provincial Government of South Sulawesi controlled a 30% stake.
Hotel Aryaduta is a five-star hotel with a strategic location on Losari beach. The hotel, which has a size of 5,272 square meters, boasts 230 rooms. When buying the hotel, Bosowa decided not to change the hotel management. It also maintained the remaining partnership period with the Aryaduta International networks.
Lippo Karawaci, through PT Gowa Makassar Tourism Development Tbk, is also developing 1,000 hectares of independent city Tanjung Bunga in Makassar. Tanjung Bunga covers settlement area, school, international hospital, and shopping center. The company also plans to build apartment, hotel, and office building, but the projects have not been realized so far
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