Swiss-Belhotel International Indonesia and Zest Hotel International Indonesia Shareholder Change

On 14 th November, 2022, Indies Capital Partners (“Indies Capital”), a leading alternative asset manager in Southeast Asia, announced the acquisition of a 60% stake in PT Swiss- Belhotel International Indonesia and PT Zest Hotels International Indonesia (together, the “Companies”) from Ciputra Group Indonesia.

Swiss-Belhotel International Holdings Limited based in Hong Kong continues as the 40% shareholder of the Companies and this will not change. The Companies will continue to be part of the Swiss-Belhotel International Group and all the hotels and projects under the management of the Companies will continue to be part of the global management and operation of the Swiss-Belhotel International Group (“SBIG”).

For Indies Capital this acquisition is a follow-up to their investment in Artotel Group, a leading boutique hospitality and lifestyle group in Indonesia. Swiss-Belhotel International will continue to operate independently and will also be a part of the fast growing Indies hospitality platform.

Driven by the opportunity created by the pandemic, approximately 12 months ago, we launched Indies Hospitality Investments to be an aggregator of high quality hospitality platforms in the fragmented Indonesian sector. We believe that the Companies represent a leading platform of well positioned properties that will continue to flourish as tourism continues to recover post-COVID. The Swiss-Belhotel International portfolio of strong brands exude excellence in service for families and business travelers alike. Pandu Sjahrir, Managing Partner at Indies Capital

Indies Capital is excited to make this investment and partner with Swiss-Belhotel International Group and the existing leadership team in the next chapter of growth of the Companies – we believe in the long-term fundamentals of Indonesia’s hospitality sector and are looking to leverage our sector experience to support the Companies in further growing its leading market share and enhancing the guest experience through new technology and service offerings. Harold Ong, Partner at Indies Capital

The shareholding change in Swiss-Belhotel International Indonesia is seen as a great opportunity for further expansion and growth in Indonesia. This is an exciting development and we are already working on expansion opportunities with Indies Capital. Chairman and President of Swiss-Belhotel International Group Gavin M. Faull

Swiss-Belhotel International is a global group in 16 countries (Hong Kong, China, Indonesia, Malaysia, Philippines, Vietnam, Bahrain, Egypt, Kuwait, Oman, Qatar, United Arab Emirates, Australia, New Zealand, Switzerland, and Thailand) with over 125 properties. Outside Indonesia, Swiss-Belhotel International Group is owned 100% by its two original shareholders Gavin M. Faull and James K.C. Tam.

About Indies Capital Partners

Indies Capital Partners is a Singapore headquartered alternative investment management company with a total of approximately US$800 million of assets under management focusing on private credit and growth equity. Since its inception in 2009, the firm has deployed more than US$ 1 billion into Southeast Asia investments, focusing particularly on the region’s largest economy, Indonesia. Indies holds a Capital Market Services license from the Monetary Authority of Singapore.