PWON - Partners with Marriot to build luxury hotels in IKN

PWON - Partners with Marriot to build luxury hotels in IKN Pakuwon Jati (PWON) has signed an agreement with Marriott International to construct three luxury hotels in the Capital City of the Nusantara (IKN). The three hotels set to be built include Westin, Four Points, and Tribute Portfolio. This agreement, inked on Wednesday (14/9/2023), follows a previous collaboration between Pakuwon Jati and Bina Karya for the development of an integrated shopping center in IKN back in July 2023. This project is part of Pakuwon's mixed-use development in IKN, aligned with the ongoing IKN construction phases. The project's first phase will commence with the construction of the Four Points hotel, followed by Westin and Tribute Portfolio. While the investment value for these luxury hotels remains undisclosed as it is still in the design phase, Pakuwon Jati's recent S&P rating upgrade to BB+ with a stable outlook reflects its strengthening financial profile, particularly the increasing contribution of recurring revenue, which is expected to reach 70-75% of total revenue in 2023 and 2024, a notable achievement in the Indonesian real estate sector. (Source: Investor Daily)