The Hong Kong and Shanghai Hotels Group (HSH), who operate The Peninsula Hotels, have entered into a non-binding agreement with Yoma Strategic Holdings Ltd to develop a five-star hotel in Yangon.
The proposed luxury development will see the Burma Railway Headquarters, a historic colonial building, renovated as part of a large-scale redevelopment in the city center by Yoma.
The hotel will be a welcome addition to Yangon's over-stretched hotel scene —the Myanmar government recently announced that it is targeting up to 3 million foreign tourists annually by 2015.
A master plan for Myanmar's tourism industry, funded by the Asia Development Bank and the Norwegian government, is currently being compiled and will be presented at the World Economic Forum in Naypyitaw in early June.
The development of several hotels zones around the country is presently underway, while a new airport in Yangon and expansion of the capacity of airports at destinations such as Mandalay and Bagan are being discussed.
Other international groups in the process of building hotels across Myanmar are Hilton, Novotel and Best Western.
- Myanmar tourism touted to reach 3 million by 2015
- Journeys into Myanmar: A big step for tourism
- Myanmar tourism industry ‘cannot do it alone’