WYNDHAM Worldwide Hotel Group has officially entered Myanmar following the inking of an MoU early this month with Asia Myanmar Shining Star Company, a joint company of Yangon-based Asia Myanmar Consortium Development Company and Hong Kong-based Shining Star Investment Company.
Under the agreement, the five-star Wyndham Grand Yangon Royal Lake Hotel will be part of the US$157 million mixed-use Kantharyar Centre Project at the southern fringe of Kandawgyi Lake, said Kyaw Khaing, managing director of Asia Myanmar Consortium Development Company.
Apart from the 258-room hotel, the project also includes a 132-room residence tower, 168-room office tower, serviced apartments and retail centre.
Wyndham Worldwide will be operating the hotel as well as the serviced apartments, said Kyaw Khaing.
He added: “We believe in the management experience of Wyndham Worldwide Hotel Group. We will invest about US$70 million in the hotel. So far, the ground work for Phase 1 is completed and we hope to complete the whole project by 2017.”
Phase 1 includes the completion of the office tower, Phase 2 will include the retail centre and serviced apartments, and Phase 3 will include the hotel and residence tower, he revealed.
Source: TTG ASIA