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Biz News Korea(Eng)
S. Korea’s Posco Daewoo to open a hotel in Myanmar
- Collected
- 2017.08.21
- Distributed
- 2017.08.21
- Source
- Go Direct
![Image of Posco Daewoo’s hotel in Myanmar [Photo provided by Posco Daewoo Corp.]](http://file.mk.co.kr/meet/neds/2017/08/image_readtop_2017_559535_15032948292999668.jpg)
Image of Posco Daewoo’s hotel in Myanmar [Photo provided by Posco Daewoo Corp.]
Posco Daewoo is opening the new five-star hotel under the name of ‘Hotel Lotte Yangon’ near the scenic Inya Lake, a popular outing destination in the city of Yangon after four years of development. As the project leader, it has managed the entire process including recruiting project partners and overseeing the construction. It has outsourced hotel management to Hotel Lotte.
The hotel is comprised of two buildings, 15-story hotel with 343 guest rooms and 29-story serviced apartment bloc with 315 units, and also houses Yangon’s largest banquet hall, swimming pool overlooking the Inya Lake, and other dining and service facilities.
Posco Daewoo secured the right to develop a hotel in Yangon, the former capital of Myanmar, from the Myanmarese government in 2012. Later in January 2014, it formed a consortium with its affiliate Posco Engineering & Construction Co., Seoul-based Hotel Lotte Co. and Mirae Asset Daewoo Co. as well as Myanmarese firms, and has run the hotel development project during the past four years through Daewoo Amara - a local subsidiary set up for managing the project.
“The Myanmar hotel has become a symbol of our achievement in Myanmar,” said Kim Young-sang, chief executive of Posco Daewoo. The company will continue expanding out it business by developing overseas real estate properties as well as resources and other business opportunities, said Kim.
Prior to opening Hotel Lotte Yangon, the Korean developer has worked on building hotels in Vietnam, China, and Bulgaria.
By Kang Young-woon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]