Starwood Hotels & Resorts Worldwide Inc. has made a debut in Myanmar market with the signing of Sheraton Yangon Hotel. Located in the Tamwe Township, near Kandawgyi Lake, the Sheraton Yangon Hotel will feature 375 rooms. Other property offerings will include a spa, three dining venues, and recreation facilities ranging from a swimming pool to a fitness center. There will also be a function space totaling 1,880 square meters for meetings, weddings and functions. The hotel will be developed and owned by local firm Family Business Group Hotel Limited.
Recently, several international hotel brands have entered Myanmar as this nation saw a marked increase in tourist traffic after a semi-civilian government came to 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. As per the Directorate of Investment and Company Administration, Myanmar’s hotel and tourism sector received $ 357.94 million in foreign investments 2014-15.
In April, the first month of the current 2015-16 fiscal year, the sector received $ 50.75 million in foreign direct investments (FDI). Mr. Lothar Pehl, senior vice president, Operation and Global Initiatives, Starwood Hotels & Resorts Asia Pacific said that he sees enormous potential for quick growth in Myanmar’s market and he is very happy to be a part of the process.
Mr. Lothar Pehl further stated that 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.