Pan Pacific To Open New Hotel In Myanmar
Pan Pacific Hotels Group has entered into a conditional joint venture with Shwe Taung Group, one of Myanmar’s leading corporations in real estate and infrastructure development, to develop the first Pan Pacific hotel in Myanmar.
The joint venture will be on a 20:20:60 shareholding basis, with Pan Pacific Hotels Group holding an interest of 20% and Shwe Taung Group controlling a 60% interest, while City Square Pte Ltd will own the balance 20%.
Apart from the said regulatory approvals, the joint venture is also subject to various other conditions, including the entry into a series of related agreements by the parties and/or their respective affiliates and the Joint Venture Company (where applicable).
The partnership, which was formalised with a signing ceremony in Myanmar on 26 October, will also see Pan Pacific Hotels Group manage the 348-room hotel.
Opening in 2016, Pan Pacific Yangon will be part of a mixed-use development that also comprises serviced apartments, retail and office spaces. It will be located along Shwedagon Pagoda Road and Bogyoke Aung San Road in the heart of Yangon city centre, and opposite Bogyoke Aung San Market (previously known as Scott Market), a key attraction and a major bazaar for tourists and locals alike.
Pan Pacific Yangon will feature 348 rooms and an extensive range of guest facilities including a swimming pool, spa, gym, ballroom, meeting rooms, an all-day dining restaurant and a speciality restaurant.
The hotel will also offer expansive views of iconic destinations such as the Anglican Trinity Church, Yangon River and the bustling Yangon downtown.
The new “Pan Pacific” hotel will strengthen Pan Pacific Hotels Group’s presence in Myanmar where it owns and has been operating the ParkRoyal Yangon for the past 12 years.
“Having established an early and successful presence in Myanmar with ParkRoyal Yangon, we are now eager to introduce our other acclaimed brand – Pan Pacific – to the Myanmar community and international guests,” said Gwee Lian Kheng, Group Chief Executive, Pan Pacific Hotels Group. “Pan Pacific Yangon underscores the group’s steadfast confidence in and commitment to Myanmar as an important growth market. By responding to the increasing demand for quality hotel rooms and service through our distinctive Pan Pacific and ParkRoyal brands of hospitality, we look forward to contributing further to Myanmar’s flourishing tourism industry.”
Within Myanmar, Pan Pacific Hotels Group is also exploring opportunities in Naypyidaw, the country’s capital and the host city for the 27th Southeast Asian Games this December and the 2014 ASEAN Summit.
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