Vietnam-based Hoang Anh Gia Lai and Spanish Melia Hotels International have signed an agreement to jointly operate a five-star hotel that will soon open in Yangon.
A signing ceremony was held at Yangon’s Sedona Hotel, attended by Htay Aung the Union Minister for Hotels and Tourism.
Melia Hotels will only take care of managing part for the hotel, which is being developed by Hoang Anh Gia Lai Myanmar and is expected to be completed in June, according to the agreement. Myanmar Investment Commission granted permission for the hotel in 2013.
The project is located at the corner of Kabaraye Pagoda Road and Setmu-1 Road in Yangon.
“The project is about 95 percent complete,” said Vo Truong Son, General Secretary for Hoang Anh Gia Lai Myanmar. “The interior decoration is next to being done and now under way,” he added.
The Vietnamese company started the multi-million dollar development project in 2013. It is one of the Myanmar’s largest integrated projects with four office blocks, a retail mall, serviced apartments and residential apartments alongside the luxury hotel.
The project suffered a major set back after Singapore-based Rowsley called off its investment plan worth US$ 550 million this month. But Mr Vo insisted that “the whole project will be completed next year.”
Source: Eleven Myanmar