What Panorama Group does

Panorama Group is an Indonesian integrated tourism company founded in 1972 by Adhi Tirtawisata, headquartered in Jakarta and publicly listed on the Indonesia Stock Exchange (IDX: PANR) with two additional listed subsidiaries (PDES for inbound tourism and WEHA for transportation). The company operates across five business pillars: Inbound (destination management via Panorama Destination and Asian Trails for foreign tourists), Travel & Leisure (outbound tours via Panorama JTB Tours following its 2017 merger with Japan's JTB Corporation, plus Carlson Wagonlit Travel for corporate travel, Orange Incentive House, and Panorama Ministry for religious/pilgrimage travel), Media (MICE events, exhibitions, and travel publications via Reed Panorama and Panorama Events), Hospitality (PHM Hospitality managing brands THE HAVEN, THE 1O1, FRii Hotels, PHM Collection, Space Villas, Caldera, Pirates Bay, and Sobek), and Transportation (White Horse Group with bus charters, Day Trans intercity shuttles, Gray Line sightseeing tours, and eXplorer app-based open trips).

Panorama Group generates revenue through transaction-based fees from tour package sales (outbound and inbound), hotel room revenue and management fees across 12+ managed hotels, bus charter and shuttle ticket sales, MICE event management, and corporate travel managed services. The company employs 1001-5000 staff across more than 100 offices domestically, with international presence in Thailand and Malaysia. Technology platforms include the White Horse online booking system with GPS fleet tracking and mobile apps, plus the Panorama JTB Tours website. Distribution combines direct outlets (50+ branches), licensed Panorama GO operators (targeting 100 outlets), third-party platforms (Traveloka, redBus), and corporate sales teams. Notable enterprise partnerships include Grab Indonesia (Umrah incentive program), HSBC Indonesia (co-marketing), and Ethiopian Airlines (Addis Ababa-Jakarta direct flights).

Panorama Group reported Rp 5.2 trillion in total sales for 2017 (approximately $388M USD), a 9% year-over-year increase with gross profit of Rp 501 billion and a 50% net profit improvement. The company has won Forbes 50 Best of The Best Companies in Indonesia for two consecutive years (2017-2018), TTG Travel Awards Best Travel Agency in Indonesia, Travel Weekly Asia Readers' Choice, and the Corporate Image Award for 10 consecutive years since 2008, reflecting sustained brand equity in the Indonesian market.

Name

Panorama Group

Legal name

PT Panorama Sentrawisata Tb k

Website

https://panorama-group.com

Company type

Public

Founded year

1972

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Panorama Group is an Indonesian integrated tourism company operating across five pillars—inbound, outbound travel, hospitality, transportation, and media/MICE—serving leisure and corporate customers domestically and in ASEAN markets. Publicly listed on IDX as PANR, with subsidiaries WEHA and PDES also publicly traded.

Ownership category

akta.pro rank

Product category

Integrated Tourism Services

NAICS

Tour Operators (56152), Travel Agencies (561510), Scenic and Sightseeing Transportation, Land (48711)

SIC

Hotels, Rooming Houses, Camps & Other Lodging Places (7000), Services-Amusement & Recreation Services (7900)

akta.pro primary industry

Group Leisure Retail Travel Agencies (THAKABAJ)

akta.pro secondary industries

Meetings & Group Travel Management (Corporate Groups) (THAKAMAC), Tour & Sightseeing Coach Charters (THAIAIAB), Meetings & Group Travel Management (Corporate/MICE) (THALANAH), Corporate Travel & Accommodation Coordination (HSACADAL)

Keywords

• Integrated tourism services
• Outbound tour packages
• Corporate travel management
• Hotel and resort management
• Destination management services

Headquarters

HQ city

Jakarta

HQ country

Indonesia

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain, Technology or R&D

Revenue model

1. Travel & Leisure (Outbound): Panorama JTB Tours generates revenue through sale of outbound tour packages including group tours, individual tours, cruise packages, and tailor-made travel products. Revenue is transaction-based from package sales to individual and corporate customers.
2. Inbound Tourism: Panorama Destination (PT Destinasi Tirta Nusantara) generates revenue by bringing foreign tourists to Indonesia through destination management services, handling tour packages for international travelers.
3. Hospitality: PHM Hospitality manages hotels under multiple brands (THE HAVEN, THE 1O1, FRii, PHM Collection, Space, Caldera, Pirates Bay, Sobek) generating room revenue and hotel management fees.
4. Transportation: White Horse Group and Day Trans generate revenue from bus charter services, intercity shuttle services, and sightseeing tours. Revenue comes from vehicle rental, charter fees, and ticket sales.
5. Media & Events: Panorama Media and Reed Panorama generate revenue through MICE event management, travel magazine publications, and event organization services.
6. Corporate Travel Management: Carlson Wagonlit Travel provides corporate travel management services handling business travel for corporate clients.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels6 records

Core offering

Panorama Group is an integrated tourism company that sells and delivers outbound tour packages (via Panorama JTB Tours), inbound destination management for foreign travelers (via Panorama Destination), corporate travel management (via Carlson Wagonlit Travel), hotel accommodation and management (via PHM Hospitality brands including THE HAVEN, THE 1O1, FRii), and ground transportation services (via White Horse Group charter buses, Day Trans intercity shuttles, Gray Line sightseeing, and eXplorer app). The company serves both individual leisure travelers and corporate clients across Indonesia and international markets.

Product overview

Panorama Group is an integrated tourism company operating across five business pillars: Inbound (destination management for foreign travelers), Travel & Leisure (outbound travel services including Panorama JTB Tours, corporate travel, incentive travel, and religious pilgrimage), Media (event management, publications, and entertainment), Hospitality (hotel development and management through PHM Hospitality and Panorama Land, managing brands including THE HAVEN, THE 1O1, FRii Hotels, and Space Villas), and Transportation (White Horse Group providing bus charters, intercity shuttles, and sightseeing tours). The company also operates digital platforms for online booking, licensed business models (Panorama GO), and hosts travel fair events (The World of Holidays). Panorama Group serves both retail and corporate customers across Indonesia and internationally through subsidiaries like PT Panorama Sentrawisata Tbk (IDX: PANR), PT Destinasi Tirta Nusantara Tbk (PDES), and PT WEHA Transportasi Indonesia Tbk (WEHA).

Differentiator

Problem solved

Functional benefit

Brands

• PanoramaGO: Licensed tours and travel business model offering integrated systems for airline tickets, hotel bookings, transportation, and tour package sales
• WEHA One
• White Horse Deluxe Coach
• WEHA Mart
• 1O1 Travel Sketch
• The World of Holidays (WOH)
• Travel for Change
• Panorama Berdaya
• Panorama Peduli
• Panorama Indonesia

Products and services

• Panorama JTB Tours Outbound travel services offering group tours, individual tours, cruise packages, and tailor-made travel products to international destinations. Serves both individual leisure travelers and corporate clients in Indonesia.
• Panorama Destination Inbound destination management services promoting tour packages to locally-based destinations in Indonesia for foreign travelers. Handles ground arrangements, cultural tours, and destination experiences for international tourists.
• Carlson Wagonlit Travel Indonesia Corporate travel management services handling business travel for corporate clients across Indonesia. Operated as a joint venture with Carlson Wagonlit Travel since 1999.
• Orange Incentive House Corporate incentive travel planning and execution services for company events, employee incentive trips, and reward programs.
• Panorama Ministry Religious and pilgrimage travel services including Umrah packages for Muslim travelers with flights, accommodations, briefings, and special luggage services.
• THE HAVEN Hotels & Suites Luxurious hotel brand with Natural Elegance concept featuring Asian contemporary design with greenery-feel interior. Properties include THE HAVEN Suites Bali Berawa, THE HAVEN Bali Seminyak, and Fontana Hotel Bali.
• THE 1O1 Hotels & Resorts Mid-scale premium hotel chain pioneering chic and trendy lifestyle concept for young and active travelers. Properties include THE 1O1 Malang OJ, THE 1O1 Yogyakarta Tugu, THE 1O1 Bandung Dago, THE 1O1 Bogor Suryakancana, THE 1O1 Palembang Rajawali, THE 1O1 Solo Mustika, and THE 1O1 Jakarta Airport.
• FRii Hotels Unique concept budget lifestyle hotel designed for travelers seeking freedom and new life experiences. Includes FRii Bali Echo Beach among properties.
• Space Villas Bali Exclusive villa property in Bali introducing a new vacation level, located behind Seminyak beach, restaurants, and shopping areas.
• White Horse Deluxe Coach Premium bus charter services through a fleet of big and medium buses as well as minivans for group transportation needs.
• Day Trans Daily intercity shuttle services with strategically located pickup/drop-off points throughout Jakarta serving commuter and intercity travelers.
• Gray Line Jakarta & Bali Daily sightseeing tours for tourists visiting Jakarta and Bali operated under the global Gray Line brand.
• eXplorer Mobile application for open-trip travel services offering value-for-money trips to popular destinations throughout Indonesia.
• White Horse Online Booking Platform Digital platform for White Horse bus booking via website and mobile app featuring GPS tracking on units, multiple payment methods, point rewards system, and real-time booking confirmation.
• Panorama Media Media business providing events management services and monthly travel magazines and guide books for the tourism industry.
• Reed Panorama Exhibition management services focusing on B2B exhibitions including ITSCL and Mining & Engineering Indonesia events.
• Private Jet Charter Private jet charter service for business travel, medical evacuation, luxury incentive trips, and family vacations serving destinations throughout Indonesia with health protocol compliance.
• Panorama Land National property developer with portfolio of luxury hotels and resorts, commercial and residential properties, and recreational parklands across Indonesia.
• Panorama GO Licensed tours and travel business model offering economical investment opportunities with integrated systems for flights, hotels, transportation, and tour packages under the Panorama JTB Tours brand.
• PHM Hospitality Hospitality management consultancy providing innovative hotel products and managing properties under THE HAVEN, FRii Hotels, THE 1O1 Hotel & Resorts, PHM Collection, and other brands across 12 hotels.

Quantifiable outcome

• Total sales of Rp 5.2 trillion in 2017 (9% increase YoY)
• +4 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eleven partnerships are on record, tiered core, flagship and minor.

• Ethiopian AirlinescoreStrategic or Co-development Partner · 21 July 2018Ethiopian Airlines appointed Panorama Destination as tour operator in Indonesia for their Ethiopian Holiday program. Partnership includes direct flights from Addis Ababa to Jakarta (3 weekly flights) and coordinated tour operations for 2 years. First group of 50 tourists arrived July 21, 2018.
• redBuscoreTechnology or Integration · 3 March 2018White Horse Group partnered with redBus for online bus reservation system using redBus Plus platform. This collaboration enabled wider customer reach through redBus's online channels and provided cashback benefits for customers booking WEHA Mudik services.
• GIZ (Deutsche Gesellschaft für Internationale Zusammenarbeit)coreStrategic or Co-development Partner · 6 June 2017Panorama Foundation partnered with GIZ to implement RED (Rural Enterprise Development) and SREGIP (Sustainable Regional Economic Growth and Investment Programme) programs focused on sustainable tourism village development. Programs were implemented in Lombok (Bilebante, Sesaot, Sembalun) under coordination with Bappenas (National Development Planning Agency).
• JTB CorporationflagshipStrategic or Co-development Partner · 4 April 2017PT Panorama Sentrawisata Tbk (Panorama Tours) merged with JTB Corporation, one of the world's largest travel companies headquartered in Japan. This strategic partnership created Panorama JTB Tours, combining local market expertise with global network and resources. The partnership aimed to strengthen Panorama's position in the Indonesian travel market and expand international reach through JTB's global distribution network.
• Carlson Wagonlit Travel (CWT)coreStrategic or Co-development PartnerOngoing joint venture partnership since 1999 for corporate travel management services in Indonesia under Carlson Wagonlit Travel brand. This partnership survived the end of Radisson hotel joint venture and continues to serve corporate clients with business travel management.
• Radisson Hotel GroupminorStrategic or Co-development PartnerJoint venture in PT Carlson Panorama Hospitality for hotel management in Indonesia ended by mutual agreement in December 2018. The joint venture was established in 2013 but both parties decided to pursue independent strategies. Carlson Panorama Hospitality (renaming to PT Radisson Hotel Indonesia) now fully under Radisson Hotel Group control.
• HSBC IndonesiacoreGTM or Marketing PartnerHSBC Indonesia partnered with Panorama JTB Tours for co-marketing campaigns at The World of Holidays travel fairs. Partnership includes cashback up to Rp 2 million, 0% installment payments for 3-6 months, and additional vouchers for HSBC cardholders during promotional events.
• Grab IndonesiacoreGTM or Marketing PartnerGrab Indonesia partnered with Panorama JTB Tours as travel agent for Umroh program. Panorama JTB provides complete Umroh packages for outstanding Grab driver partners, including flights, accommodations, briefing, and special luggage. Successfully completed 2 batches of Umroh pilgrimages.
• PT Mustika PasanggrahanminorStrategic or Co-development PartnerHotel management agreement signed April 26, 2017 for THE 1O1 Solo Mustika hotel operation. PHM Hospitality to manage and operate the hotel expected to open late 2018 with 130 rooms.
• Cengkareng Business City (CBC)minorStrategic or Co-development PartnerMoU signed April 27, 2017 for hotel management of THE 1O1 Jakarta Airport at CBC location near Soekarno-Hatta International Airport. Expected to open late 2018 with 108 rooms.
• Yayasan Kesatuan BogorminorStrategic or Co-development PartnerPartnership to establish SMK Pariwisata - Sekolah Kesatuan Bogor, a vocational tourism school. Panorama Group supports education development through curriculum input and potential employment pipeline for tourism industry.

Scale indicators9 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• TUI Group: Global integrated tourism conglomerate operating tour operators, airlines, hotels, and cruise lines. Represents the structural benchmark for a fully integrated, multi-vertical tourism group and the consolidation playbook Panorama could pursue at scale.
• Trip.com Group: Global travel service provider (formerly Ctrip) operating Trip.com, Ctrip, Skyscanner, and Qunar across flights, hotels, and packaged tours. Represents the scale and global ambition Panorama could leverage through its JTB partnership to access outbound Chinese and Asian travelers.
• MakeMyTrip: India's largest online travel company offering flights, hotels, holiday packages, and corporate travel. Comparable to Panorama in pursuing an integrated travel ecosystem across leisure and corporate segments, but operates primarily through digital channels rather than retail outlets.
• Minor International: Thailand-based integrated hospitality and lifestyle company operating hotels (Anantara, NH Hotel Group stake), restaurants, and lifestyle consumer brands. Comparable to Panorama's diversified tourism model across hospitality, F&B, and leisure, but at substantially larger scale and with stronger international footprint.
• Capital A (AirAsia): ASEAN-based integrated travel platform combining low-cost airlines, OTA (airasia Super App), and digital services across Southeast Asia. Comparable to Panorama's integrated tourism ambition but with stronger digital distribution and aviation ownership.

Direct peers

• Traveloka: Indonesia's leading OTA offering flights, hotels, tours, and transportation booking. Competes directly with Panorama in Indonesian domestic travel and even distributes Panorama's White Horse bus inventory, representing the digital-native threat to Panorama's retail-led model.
• JTB Corporation: Japan's largest travel agency and Panorama's JV partner in Panorama JTB Tours. Operates the same outbound group tour, MICE, and corporate travel model at global scale, making it the most directly comparable peer for benchmarking the outbound tour business.
• Carlson Wagonlit Travel (CWT): Global corporate travel management company and Panorama's JV partner since 1999 for Indonesian corporate travel. Directly comparable for benchmarking Panorama's B2B corporate travel business, with global capabilities beyond Indonesia.
• H.I.S. Co., Ltd. Major Japanese travel agency offering outbound tours, inbound destination management, hotels, and themed travel experiences. Closely comparable to Panorama JTB Tours in business model (group leisure tours, retail branches) and customer segments (Asian outbound travelers).

Emerging players

• Klook: Asia-focused OTA specializing in tours, activities, and attraction tickets. Overlaps with Panorama Destination's inbound tour offerings and Gray Line sightseeing tours, representing the digital-first competition for activity-based tourism revenue.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/panoramarec

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries20 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Panorama Group