Jakarta, June 27 -- Indonesia's state investment management agency, Danantara, has initiated a massive consolidation of all state-owned enterprise (SOE) hotels, placing them under the management of the national tourism holding company, InJourney.

A total of 45 state-owned hotels signed Conditional Sale and Purchase Agreements (CSPAs) on Friday to kick off the first phase of the asset unification.

The government projects that up to 120 state-owned hotels will eventually be integrated into InJourney's portfolio, transforming the holding company into Indonesia's second-largest hotel operator.

"The unification of all SOE hotels under the InJourney umbrella is a major leap in restructuring and strengthening the value of our hospitality asse...