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Historical Record · Four-year arc
Four years of bank books. A construction year that absorbed the cost of existing. A first full year that learned the shape of demand. A stability year with the first profitable hotel line. A current year that has to prove it's repeatable.
Numbers here are aggregated from KASIA's bank ledgers — the audited backbone. Occupancy is layered in from the booking system: the legacy system fed 2023–2025 monthly; the new PMS came online December 2025 and currently reports a 5-month rolling aggregate. ADR and RevPAR still pending reconciliation.
Built and opened. The first four months (soft launch, Jan–Apr) ran at a structural deficit: the building was still absorbing finishing costs that had nothing to do with whether guests were showing up. May through December reached operating break-even and generated Rp 1.18 B in revenue — respectable for a property in its first half-year.
The Rp 370 M deficit reported for the year is almost entirely capital: finishings, fit-out, legal setup. Nothing that recurs. Read 2023 as a line-item, not a performance year.
First complete calendar year of operations. Hotel revenue Rp 1.79 B. Reported hotel balance — — which looks ugly until you realize Rp 545 M of expense was classified as investment (upgrades, procurement, asset build-out), not operations. Strip that out and the underlying operating margin was already in the 25–30% range.
The cafe opened in Q2 and generated Rp 75 M through year-end — a small signal. The important 2024 lesson was channel: direct bookings (bank transfer) overtook Airbnb as the dominant revenue channel. That pattern held from Q3 2024 forward.
First year with a positive hotel balance on its own — Rp 74 M after everything (opex, credit, distributions, taxes). Less dramatic than the 2024 reinvestment year on paper, but structurally more important: it showed the operation can clear its own costs without leaning on capital subsidy.
The cafe grew 4× — from Rp 75 M to Rp 290 M — but it operated near breakeven (—). Priced for neighborhood, not margin. Investor distributions of Rp 223 M were paid out during the year without tipping the hotel line negative.
The live quarterly and monthly views show Q1 in detail. The short version: operating profit held, investor distributions were made in February, Agoda was switched on as an experiment. What we're watching: whether the channel mix stabilizes at 60/35/5 (direct/Airbnb/Agoda+other), and whether the Q2 reinvestment envelope stays disciplined.
Direct bookings are the moat. They compounded through 2024, held in 2025, and remained dominant in 2026 Q1. Every Rp 100 M of direct revenue is ~Rp 20 M in retained commission vs. the OTA baseline. This is the single most important pattern in the data.
Reinvestment was heavy in 2024, lighter in 2025. The Rp 545 M spent in 2024 moved the property into its 2025 stability. 2025's lighter reinvestment (Rp 52 M) is the baseline to decide whether 2026 returns to 2024 levels or holds.
Cafe is a traffic strategy, not a revenue strategy. Four-fold growth in 2025 at near-zero margin is a feature, not a bug, if we believe the cafe pulls guests and visibility. The question isn't how do we make cafe profitable — it's are we measuring the right thing.
The balance line lies. Reported cash balance mixes operations with distributions and reinvestment. The partner decision about distribution cadence matters more for clarity than for cash management.