Indonesia's Artotel Group Fuels Expansion with Series B Financing

Indonesia’s Artotel Group has completed an undisclosed Series B round of financing, led by Indies Capital Partners with participation from Benson Capital.

Artotel will utilize the proceeds of this financing to drive expansion through an aggressive merger and acquisition strategy in Indonesia’s hospitality sector and invest in strengthening the group’s core business infrastructure and digitizing operations.

Artotel is currently in the process of rolling out 29 new properties in its pipeline across Indonesia, which will bring the total number of properties to over 50 by 2023.

In tandem with the investment, Artotel has acquired the Indonesia franchise of Kyriad, a hospitality brand created by France-based Louvre Hotels Group.

The deal includes 11 managed properties throughout the archipelago, adding an additional 1,300 rooms to Artotel’s hospitality portfolio and increasing the total room count to around 3,000.

Artotel will continue to manage the properties under the established Kyriad brand and develop new Kyriad-branded two and three-star hotels in second-tier cities throughout Indonesia.

“With Indonesia’s hospitality sector at a critical juncture, Artotel Group is investing heavily into future growth with a focus on quality guest experience and an enhanced geographic footprint. By doubling down on business diversification, operational digitization, employee training, and property expansion, Artotel is poised to become Indonesia’s leading diversified hospitality group,” said Erastus Radjimin, Founder and CEO, Artotel Group. “With the support of our investors, Artotel Group will be able to gain significant momentum, tapping into their expertise in business expansion, digital upgrading, and commitment to sustainability.”

Prior to this round of financing, Artotel Group raised a Series A investment from Intudo Ventures.

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