JAKARTA, thekabarnews.com—Indonesia’s sovereign investment body Danantara has completed the acquisition of Novotel Thakher Makkah and 14 development plots in Saudi Arabia, giving the country a strategic foothold in the hospitality market serving Hajj and Umrah pilgrims.

PT Danantara Investment Management took control of the operating hotel on Aug. 11, 2026, before completing the land transaction on Oct. 18. The acquisition covers approximately 4.4 hectares in Makkah’s Thakher district, according to the statement published by Danantara.

The seller, Thakher Development Company, valued the transaction at 2 billion Saudi riyals (US$533 million). That amount is equivalent to roughly Rp9 trillion, depending on the exchange rate. Danantara, however, did not disclose the purchase price in its own announcement.

Novotel Thakher Makkah comprises three 19-storey towers with 1,461 rooms and suites. The hotel can accommodate about 4,400 pilgrims during the Hajj season, while Accor will continue operating the property under the Novotel brand, Thakher Development said.

“This milestone represents a concrete step in building a long-term hospitality investment platform in the Kingdom of Saudi Arabia,” Danantara CEO Rosan Roeslani said.

“Our focus is to manage these assets with rigorous investment discipline while developing an integrated ecosystem that enhances the quality of accommodation and services available to pilgrims from Indonesia and around the world,” he added.

Danantara plans to incorporate the hotel and adjoining plots into the proposed Bait Jemaah Complex. The broader plan includes hospitality, retail and supporting facilities intended to serve Hajj and Umrah travelers.

Development will proceed in stages with Saudi developer Al-Khomasiah, subject to feasibility studies, regulatory approval and construction permits.

Danantara reported a possible development comprising 13 hotel towers with about 4,560 rooms, along with a retail complex and mosque. However, these figures remain planning targets rather than finalized construction commitments. Danantara has not announced a completion date.

The investment responds to Indonesia’s substantial demand for accommodation in Saudi Arabia. The government set the country’s total 2026 Hajj quota at 221,000 pilgrims, including 203,320 places under the regular Hajj program, according to the Ministry of Hajj and Umrah. Danantara also estimates that more than 2 million Indonesians perform Umrah annually.

Even if the hotel’s entire Hajj-season capacity served Indonesians, it would accommodate only about 2 percent of the national quota. Danantara has yet to explain how rooms will be allocated or whether ownership will reduce pilgrims’ accommodation costs.

The acquisition therefore represents an initial long-term investment rather than a complete solution to Indonesia’s accommodation needs. Its eventual benefit will depend on development execution, room allocation and whether operational savings reach Indonesian pilgrims.