Hongkong and Shanghai Hotels Limited and Yoma Strategic Holdings Ltd.,have signed an agreement to convert the former Myanmar Railways headquarters in downtown Yangon into a luxury hotel, they announced in a joint news release.
The shareholders’ agreement to restore the former MR headquarters on BogyokeAung San Road into a hotel to be called The Peninsula Yangon, was signed in Hong Kong on March 10, the release said.
“The agreement, subject to conditions and approval, will seek to redevelop and restore the heritage building, which dates from the 1880s and is one of the oldest existing colonial buildings in Yangon,” it said.
It quoted Hongkong and Shanghai Hotels managing director and chief executive officer, Mr Clement K.M. Kwok, as saying that Myanmar was one of the world’s most exciting emerging markets “and we see good potential in this market as a luxury travel and tourism destination.”
Mr Kwok said HSH was delighted to partner with Yoma, “who share our long-term vision for the success of this project and have a proven track record of successful investments in Myanmar.”
The former MR headquarters was one of Myanmar’s “iconic” buildings, the chairman of Yoma Strategic Holdings Ltd., Mr Serge Pun, was quoted as saying in the release.
“We believe that working with one of Asia’s most established hotel owner-operators and creator of world-class experiences will be invaluable in restoring the building to its former glory, as well as bring to Yangon a new luxury experience,” Mr Pun said.
“It is a privilege to be part of this endeavor,” he said.
Source: Mizzima – Myanmar