May 23, 2013

Peninsula group to open hotel in Yangon

Hong Kong-based Peninsula Hotels Group is planning to build a hotel at the Railways building in the downtown Yangon, according to Hong Kong and Shanghai Hotel (HSH).

The group will create a new joint venture with Yoma Strategic Holdings Limited.

It is also preparing to build the hotels in Mandalay and Bagan. It has been selling shares to carry out the hotel projects in last month.

Yoma Strategic Holdings is running the construction developments, properties managements, and real estates in Singapore, Myanmar and China. It is also operating business in agricultural sectors, the Bloomberg Business Week reported.

Yoma and First Myanmar Investment are subsidiaries of SPA Groups. The SPA is chaired by tycoon Thein Wai.

The HSH founded the Peninsula Hotels group in 1866. It is a member of Hong Kong stock exchange and operating businesses in Asia, EU and US countries.

Peninsula Hotels Group is running hotel business in Hong Kong, Beijing, Tokyo, Bangkok, Manila, New York, Chicago and Paris.

Source: Eleven Weekly Media