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ARTOTEL complete financing, acquires Kyriad portfolio

Looking to increase its momentum as the pandemic is further controlled, Indonesia’s ARTOTEL Group has completed a Series B round of financing, led by Indies Capital Partners with participation from Benson Capital, and acquired the Indonesian franchise for economy Kyriad brand. The deal includes 11 managed properties throughout the archipelago, adding an additional 1,300 rooms to ARTOTEL’s portfolio. The round of financing will be further used to drive expansion through an aggressive merger and acquisition strategy. The group plans to actively seek out strategic partnerships with hotel operators throughout Indonesia and will target development in Indonesia’s first-tier and second-tier cities, as…
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