The new public listed company, PT Sunter Lakeside Hotel Tbk (SNLK), will use the proceeds from the initial public offering (IPO) on the Indonesia Stock Exchange to develop hotels through the Long Stay Rooms program.

Sunter Lakeside President Director Sapto Utomo Hidajat said the company will carry out this development in stages by its strategy, namely the development of the hotel's main facilities and supporting facilities.

"We see an opportunity for growing demand from long-term service (long stay) where our hotel has many advantages from the available facilities compared to competitors that offer similar facilities," he said in Jakarta, on Monday (29/3).

The plan is that the hotel sector's company will convert 100 rooms into long-stay rooms.

Sunter Lakeside Hotel currently has 228 rooms, ballrooms (MICE), various restaurants, lounges, semi-Olympic swimming pools, tennis courts, to spas with other international standard facilities.

Sapto added that the company's move to conduct an IPO this year is part of the steps to strengthen the capital structure, improve corporate governance or good corporate governance and open more expansive access to funding sources in the capital market.

In this IPO action, SNLK offered 150,000,000 new shares, equivalent to 33.33 percent of the total paid-up capital after the IPO. With the share offering price set at  Rp150 per share, the company will raise Rp22.5 billion in funds.

The company is part of the Sunlake Group of Hotels, which is engaged in the hospitality industry, especially hospitality, namely Sunlake Hotel Jakarta, Manhattan Hotel Jakarta, Merlynn Park Hotel Jakarta, New Metro Hotel Semarang.