Starwood enters Myanmar and plans nationwide push

29 May 2015  2079 | Cambodia Travel News

Starwood Hotels & Resorts has signed its first hotel in Myanmar, and is now planning to seek further opportunities to expand across the country.

The US-based hotel group has penned an agreement for a new-build Sheraton hotel in Yangon. Located close to Kandawgyi Lake, the hotel will feature rooms, a spa, three F&B outlets, a swimming pool, fitness centre and 1,880m² of function space.

“Sheraton already has a strong footprint across Southeast Asia and the signing of Sheraton Yangon Hotel signals the next great international expansion opportunity,” said Rajit Sukumaran, senior vice president of acquisitions & development for Starwood Asia Pacific.

The hotel is being developed by Family Business Group Hotel Ltd, whose CEO, Ko Ko Latt, said he is “eager to continue the relationship [with Starwood] by targeting additional development opportunities across the country”.

Several international hotel groups have entered Myanmar since the country opened up to international investment at the start of the decade. Accor, Best Western, Hilton and Kempinski have already launched properties in the country, while Wyndham and Melia recent signed deals to enter Yangon. Other major chains including Marriott and IHG and are also believed to be seeking opportunities.

All are being attracted by the recent surge in visitor arrivals and shortage of supply, which is causing room rates to surge, especially in Yangon. Myanmar welcomed more than 3.5 million overseas visitors in 2014, up 67% year-on-year, and is targeting five million arrivals in 2015.

“Touted as Asia’s final frontier, Myanmar presents immense potential for rapid growth,” said Lothar Pehl, senior vice president of operation & global initiatives for Starwood Asia Pacific.

sourced:traveldailymedia.com 

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