JAKARTA (Yosefardi) – Property developer PT Ciputra Property Tbk (CTRP) plans to invest Rp1.5 trillion on 30 units of budget hotels, under the brand of Citradream operated by PT Ciputra Hospitality.
For this year, CTRP allocates Rp225 billion for 5 units of budget hotel, funded by bank loans and internal cash.
The company has operated budget hotels in Semarang and Cirebon, and will operate this type of hotels in Bengkulu, Bandung, Yogyakarta, and Bintaro.
CTRP booked net profit of Rp126.67 billion in the first half of 2014, dropped 49.57% from Rp251.2 billion in the same period of 2013. Revenues also fell significantly to Rp688.6 billion from previous Rp844.5 billion.