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.
Subject to receipt of all necessary regulatory approvals from the
relevant Myanmar authorities, the hotel will be called the Pan
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
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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