As a result of the global financial crisis, The Ritz-Carlton and Sahid Group have decided to postpone a resort and hotel development on Bintan Island, Indonesia. Ritz-Carlton had planned to develop a USD 65 million five-star hotel, which includes 60 luxurious villas, in the Lagoi resort area on Bintan Island. In 2008, approximately 397,000 tourists visited Lagoi and the area is expected to welcome at least the same number of visitors in 2009. |