The Hong Kong and Shanghai Hotels Ltd (HSH) and Yoma Strategic Holdings (YSH) Ltd have announced that the companies have made a definitive shareholders’ agreement for the purpose of restoring the former Myanmar Railway Company headquarters into a hotel.
The agreement, subject to conditions and approval, will seek to redevelop and restore the heritage building, which dates from the 1880s and is one of the oldest existing colonial buildings in Yangon.
The new hotel, to be called The Peninsula Yangon, will be HSH’s 12th luxury hotel project, and will be located on Bogyoke Aung San road in the central business district of Yangon, one kilometre north of the Yangon river and adjacent to the tourist attraction known as Bogyoke Market or Scott’s Market.
Clement KM Kwok, managing director and chief executive officer of HSH, said: “Myanmar is one of the world’s most exciting emerging markets and we see good potential in this market as a luxury travel and tourism destination.
“We are delighted to partner with Yoma, who share our long-term vision for the success of this project and have a proven track record of successful investments in Myanmar.”
Serge Pun, chairman of Yoma Strategic Holdings Ltd, said: “The former Myanmar Railway Company headquarters is an iconic building in Myanmar. We believe that working with one of Asia’s most established hotel owner-operators and creator of world-class experiences will be invaluable in restoring the building to its former glory, as well as bring to Yangon a new luxury experience.”
Incorporated in 1866 and listed on the Hong Kong Stock Exchange, HSH is a holding company of a group which is engaged in the ownership, development and management of hotels and commercial and residential properties in Asia, the US and Europe.
The Peninsula Hotels portfolio comprises hotels in Hong Kong, Shanghai, Beijing, Tokyo, New York, Chicago, Beverly Hills, Bangkok, Manila and Paris (expected opening in 2014).
Listed on the Main Board of the Singapore Securities Exchange Trading Ltd (SGX-ST), YSH deals with real estate, agriculture, automotive and luxury tourism businesses in Myanmar and China. The group’s key property projects in Yangon include Star City and Pun Hlaing Golf Estate.