Starwood Hotels & Resorts and the Rajawali Property Group have reached a management agreement for the development of The St. Regis Jakarta and The Residences at The St. Regis Jakarta, located at Jalan H.R. Rasuna Said, Kuninganin in South Jakarta, and is scheduled to be operational in 2019.
"Jakarta currently features some upscale residences that are located above or next to hotels, but few offer the heights of refinement tied to the St. Regis name," said Shirley Tan, CEO of the Rajawali Property Group. "Today's signing with Starwood is part of Rajawali's greater residential strategy to develop a collection of truly branded residences with unique ownership privileges in Southeast Asia, including The Residences at The St. Regis Langkawi in 2016, and The Residences at The St. Regis Jakarta in 2019."
According to the press release of Starwood in Business Wire, The St. Regis Jakarta and The Residences at The St. Regis Jakarta are part of the new mix-used development that will also feature a commercial office tower, which will serve as the headquarters of the Rajawali Property Group. At present, the Rajawali Property Group owns eight Starwood properties, with a total of more than 1,500 rooms throughout Malaysia and Indonesia.
"The St. Regis Jakarta and The Residences at The St. Regis Jakarta are a great testament to the growing wealth and appetite for luxury in Indonesia's capital," said Stephen Ho, President, Starwood Hotels & Resorts Asia Pacific. "We are delighted to foster our relationship with the Rajawali Property Group by bringing the St. Regis brand's bespoke service, contemporary design, and refined elegance to the ever-bustling city of Jakarta."
The St. Regis Jakarta will offer 280 luxuriously-appointed guestrooms and suites, while The Residences at The St. Regis Jakarta will feature three types of apartments: a three-bedroom Sky Residence occupying 355 to 373 square meters; the Sky Villa, a 750-square-meter, four-bedroom unit; and the Sky Palace, featuring over 1,250 square meters.
"Starwood is pleased to expand its portfolio of St. Regis Residences in the Asia Pacific, as we see strong continued growth opportunities in this area," said Rajit Sukumaran, Senior Vice President, Acquisition & Development, Starwood Hotels & Resorts Asia Pacific. "The Residences at The St. Regis Jakarta will cater to the lifestyle needs of the increasingly affluent, and appeal to luxury property investors, while remaining deeply rooted in St. Regis' distinctive legacy of uncompromising elegance and the ability to provide the finest experiences imaginable."
