Japanese joint-venture plans Yangon hotel

Hotel Okura Co Ltd said it would develop the luxury Okura Prestige Hotel with Ayeyar Hinthar Holdings Co Ltd in Yangon by 2020, with five more hotels due in the next five years.

The company expects to sign a contract with Yangon Technical and Trading Co Ltd, a subsidiary of Ayeyar Hinthar, in August, working with the Fujita Corporation, Tokyo Tatemono and Japan Overseas Infrastructure Investment Corporation.

It is due to be a luxury, 390-room hotel in downtown Yangon, near Yangon Central Railway Station, with office buildings and shops.

“We are intending to build the Hotel Okura in line with the new Myanmar Investment Law, thanks to a coordinated effort by Japan’s public and private sectors, as well as partners in Myanmar. We will leverage Hotel Okura’s experience and expertise in traditional Japanese hospitality and it will be beneficial for residents. We are keen to open three to five more hotels in Myanmar in the next five years,” said Toshihiro Ogita, president of the Hotel Okura project.

It would apparently offer a banquet hall, conference room, dining area, Japanese restaurant and lounge bar. The hotel is supposed to feature an executive lounge with views of Shwedagon Pagoda.

Myanmar has recorded economic growth of around 7 per cent in recent years while investment from Japan, Europe and the United States has risen sharply.

The Okura Prestige Hotel is due to be group’s 100th with new hotels due in Cappadocia in Turkey, Manila, Phnom Penh, Saigon, Bangkok and Hai Phong by 2018.

Yangon-based Ayeyar Hinthar has interests in agricultural production, construction, trading and hospital management.

Source: Eleven