The FINANCIAL -- Starwood Hotels & Resorts Worldwide, Inc. on May 28 announced its market debut in the Republic of the Union of Myanmar with the signing of Sheraton Yangon Hotel, a new build property in the dynamic capital city.
Owned by Family Business Group Hotel Limited, the milestone signing builds upon the Sheraton first mover advantage in the region, meets accelerating demand, and brings the brand’s Asia-Pacific portfolio to 73 hotels and 37 resorts, according to Starwood Hotels.
“The signing reflects the brand’s commitment to expanding the Sheraton global portfolio through strategic and meaningful relationships with owners and developers in mature and emerging markets,” said Lothar Pehl, Senior Vice President, Operation and Global Initiatives, Starwood Hotels & Resorts Asia Pacific. “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.”
Located in the Tamwe Township, near Kandawgyi Lake, the Sheraton Yangon Hotel will feature 375 sophisticated guest rooms outfitted with signature brand amenities. Other property offerings will include Shine Spa for Sheraton, three dining venues, and recreation facilities ranging from a swimming pool to a state-of-the-art Sheraton Fitness centre. With function space totalling 1,880 square metres, Sheraton Yangon Hotel will be an ideal choice 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.
Sheraton Yangon Hotel will open during an exciting period in the country, spurred by a major investment from the Ministry of Hotels and Tourism that has encouraged 4 million international arrivals in 2015 alone. Yangon boasts a number of top tourist attractions, including the iconic Shewedagon Pagoda—the single most important religious site in all of Myanmar—conveniently located 2.8 kilometres from the hotel. As the country’s largest city, Yangon operates as the country’s principal political, cultural, and commercial centre. An easy 20 minutes from the Yangon International Airport, Sheraton Yangon Hotel will help meet the strong demand for quality accommodation for business and leisure travellers alike.
“We are delighted to partner with Starwood to introduce the company’s first hotel in Myanmar and are eager to continue the relationship by targeting additional development opportunities across the country,” said Mr. Ko Ko Latt, CEO, Family Business Group Hotel Limited.
“We are confident that this strong partnership will positively uplift the hospitality industry in Myanmar,” added Mr. Myint Zaw, Vice President of Family Business Group Hotel Limited.
The signing of Sheraton Yangon Hotel follows the announcements of key pipeline hotels for Starwood in the region, including Sheraton Danang Resort, Four Points by Sheraton Danang in Vietnam, The Westin Manila Sonata Place in the Philippines, and Four Points® by Sheraton Bali, Kuta in Indonesia. Four Points by Sheraton Bali, Kuta marks our sixth resort in Indonesia with three more properties announced to open in the next two years.