Radisson Hotel Group is ending its local joint business venture with Indonesian travel group Panorama.
The two parties formed joint venture hotel management firm PT Carlson Panorama Hospitality in 2013, and Radisson confirmed it will now acquire Panorama’s stake in the business.
The split is an amicable one, allowing both parties to pursue their own strategy independently.
"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.
Radisson Hotel Group operates three hotels in Indonesia with a fourth due to open in Lampung in mid-2019.
"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" said Panorama CEO Budi Tirtawisata.
