The Hongkong and Shanghai Hotels (HSH), operator of The Peninsula Hotels, has announced a proposed property development in Yangon on April 18, its first in Myanmar. The luxury hospitality group has signed a non-binding agreement for a joint venture with Singapore-based Yoma Strategic Holdings. HSH is to subscribe for 70 per cent interest.
A binding agreement between the two parties is to be signed, subject to fulfillments of a few conditions, including Yoma acquiring an 80 per cent interest in the land development rights and a new leasehold title issued by relevant authorities.
The current plan including the gross floor area and the total investment amount are also to be finalised. The site of the proposed new hotel is the former headquarters of the Burma Railway Company, on Bogyoke Aung San Road in Yangon. If all goes well, it will be the HSH’s 11th property worldwide.
Having stabilized politically in recent years, Myanmar has seen a surge in tourist arrivals, as well increasing airlinks (see stories here) and announced hotel openings, by international groups such as Hilton (see story) and Accor (see story). For suggestions on how to spend a weekend in Yangon, click here.