The story of Hotel Tunjungan, a 4-star hotel and h...

The story of Hotel Tunjungan, a 4-star hotel and has 272 rooms, as if it were 'isolated' in Tunjungan City. Not part of Tunjungan City, this hotel owned by PT Lamicitra Nusantara Tbk, via a subsidiary called PT Tunjungan Crystal Hotel, is squeezed by the Tunjungan Plaza 2 and Tunjunga Plaza 3 malls, owned by PT Pakuwon Jati Tbk. The only hotel belonging to the Lamicitra Group, which is at the southern end of Jalan Tunjungan, was built in 1993, together with the group's first mall: Jembatan Merah Plaza 1. Both also had a grand opening in 1995.

Like other business conglomerates in Indonesia, PT Lamicitra Nusantara Tbk does business in many sectors. This group was initially engaged in the industrial machine workshop business, through PT Bhaktijaya Dwipaparamitha in 1975, and later expanded to a dock yard business through PT Najatim Dock Yard (1980). After spawning several other companies, in January 1988 PT Lamicitra Nusantara was born. In 1995, the construction of the Tunjungan Hotel and Jembatan Merah Plaza 1 was completed. At that time, the number of rooms at Tunjungan Hotel was only 212 rooms. In 2009, when its revenue reached Rp. 8.02 billion, PT Tunjungan Crystal Hotel decided to add 60 more rooms. In total, Hotel Tunjungan now has 272 rooms.

Not stopping at the two properties, in 1996 Lamicitra developed Royal Sentul Highland in Sentul, Bogor, and was followed by the acquisition of Darmo Hill in Surabaya in 1997. And finally, in 2001, this company went public and became PT Lamicitra Nusantara Tbk. Various property projects continued to be worked on after going public: the construction of Jembatan Merah Plaza 2 (2003), the acquisition of the Tunjungan Center (2004), and the construction of the Tunjungan Electronic Center and Surabaya Wholesale Center (2005).

PT Lamicitra Nusantara Tbk's public journey began to stop last year. In September 2016, this company proposed voluntary delisting, aka go-private, on the grounds that its share transactions were relatively small and insignificant on the Indonesia Stock Exchange. Due to submitting de-listing, the distribution of PT Lamicitra Nusantara Tbk shares was frozen. The de-listing process is still ongoing. And at the Extraordinary GMS in early March 2017, the company stated that it still intends to continue the delisting.