Three new hotels open in Jakarta in Q2

There were 621 rooms added to the market.

According to JLL, three hotels opened in Jakarta in Q2 2024, adding a total of 621 to the existing supply: DoubleTree by Hilton Jakarta Bintaro Jaya Xchange, Movenpick Hotel Jakarta City Centre and Pan Pacific Jakarta.

At the end of June 2024, Jakarta’s total hotel room stock (including serviced apartments) was more than 639,000, with the midscale segment representing around 42% of existing supply and more than one-third of them in the Central area.

Here’s more from JLL:

In H1, Jakarta’s hotel trading performance exceeded 2019 levels, boosted by both occupancy and above-pre-pandemic level ADR. All segments recorded strong y-o-y growth in RevPAR with Idul Fitri and the continued return of corporates and MICE.

The hotel capital market activity remained quiet in Jakarta. No hotel transaction of more than IDR 5 million was completed in H1 2024. However, domestic and foreign investor interest in Indonesia remained strong.

Outlook: Tourism fundamentals in Jakarta to remain strong, mostly led by robust domestic demand

With improved air transport and international visitors likely to increase in tandem with robust domestic demand in 2024, RevPAR for Jakarta hotels is anticipated to continuously rise, albeit at a slower pace.

Investors are confident about the fundamentals of Indonesia’s hotel space, particularly in Jakarta and Bali. Around USD 265 million worth of hotel transactions are expected in 2024 in Indonesia, most likely led by the higher-end segment.