The joint partnership was signed in 2013, leading to a creation of a hotel management company in Indonesia.
Radisson Hotel Group and Indonesian tourism company Panorama Group have called it quits on their five-year Indonesian joint venture partnership, PT Carlson Panorama Hospitality, which will see the hospitality group acquiring full ownership of the venture.
The joint partnership was signed in 2013, leading to a creation of a hotel management company in Indonesia.
Shareholders agreed upon the separation amiably as it will enable the groups to “align better with their respective business strategies”.
Radisson Hotel Group (formerly Carlson Rezidor Hotel Group, a subsidiary of Carlson Group) currently operates three hotels in the country: Radisson Blu Bali Uluwatu, Radisson Golf & Convention Center Batam and Radisson Medan. A fourth property, Radisson Lampung, is slated to open in Q2 2019.
Panorama Group first struck up a partnership 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.
“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.