Starwood Hotels & Resorts Worldwide Inc said it has debuted in Myanmar market with the signing of Sheraton Yangon Hotel, a new build property in the country’s commercial hub.
Located in the Tamwe township, near Kandawgyi Lake, the Sheraton Yangon Hotel will feature 375 rooms. Other property offerings will include spa, three dining venues, and recreation facilities ranging from a swimming pool to a fitness centre.
There will also be a function space totalling 1,880 square metres for meetings, weddings and functions.
“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, Acquisitions and Development, Starwood Hotels & Resorts Asia Pacific.
The hotel will be developed and owned by local firm Family Business Group Hotel Limited,
Recently, several international hotel brands have forayed into Myanmar as the country saw surging tourist arrivals since a semi-civilian government took power in 2011. France’s Accor, US-based Best Western and Hilton, and Swiss luxury chain Kempinski have already launched properties, while Wyndham and Meliá have recently concluded property deals.
In 2014-15, Myanmar’s hotel and tourism sector received $357.94 million in foreign investments, according to Directorate of Investment and Company Administration. In April, the first month of the current 2015-16 fiscal year, the sector received $50.75 million in FDI.
“Touted as Asia’s final frontier, Myanmar presents immense potential for rapid growth and we are excited to share our engaging brand programming and innovative social spaces with the burgeoning nation.” said Lothar Pehl, senior vice president, Operation and Global Initiatives, Starwood Hotels & Resorts Asia Pacific.
He said the signing reflects the group’s push to expand Sheraton’s global portfolio through strategic partnerships with owners and developers in mature and emerging markets.
The move brings brand’s Asia-Pacific portfolio to 73 hotels and 37 resorts.
Ko Ko Latt, CEO, Family Business Group Hotel Limited, said his firm is “eager to continue the relationship by targeting additional development opportunities across the country.”
“We are confident that this strong partnership will positively uplift the hospitality industry in Myanmar,” said Myint Zaw, vice president of Family Business Group Hotel Limited.