ST International buys Sofitel Bali

ST International has acquired a five-star Sofitel-affiliated resort hotel in Bali, Indonesia at about 190 billion won ($160.1 million) to build up its portfolio to finance and hospitality business.

ST International is said to pay about 190 billion won for ownership in Sofitel Bali Nusa Dua Beach Resort. The hotel is one of 120 hotels in 40 countries run by Paris-based Sofitel Hotels & Resorts, a luxury hotel chain brand under AccorHotels.

Founded in 1962, ST International was a resource and energy development company mainly focusing on bituminous coal production and new renewable energy sources. The company in 2019 changed its name from Samtan Co. to the current name after announcing a long-term plan to turn itself into an investment and management company.

- APMR News