Radisson Hotel Group and Panorama Group are parting ways in their Indonesian joint venture partnership, ahead of its anticipated life span.
The hotel group, formerly Carlson Rezidor Hotel Group, entered an agreement with Panorama Group in 2013, leading to the creation of Carlson Panorama Hospitality in Indonesia.
The partners had initially planned to have 20 Radisson and Park Inn by Radisson hotels developed in Indonesia over seven years.
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 2Q2019.
With the end of the partnership, Radisson Hotel Group will acquire Panorama’s stake in Carlson Panorama Hospitality, giving it full control of the venture.
In a joint statement, the partners said the decision to go their separate ways was reached amicably by the shareholders to allow the groups to “align better with their respective business strategies” and focus on their core activities.
“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.”
Budi Tirtawisata, CEO, Panorama Group, commented: “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.”
With 46 years of experience and more than 100 offices, Panorama Group is opening offices in Malaysia and Thailand, and intends to further expand its business to Vietnam and other potential countries in South-east Asia.