Pan Pacific Hotels Group has signed a conditional joint venture agreement with infrastructure development firm Shwe Taung Group for the construction of its first Pan Pacific hotel in Myanmar, the Pan Pacific Yangon.
Pan Pacific Yangon will be part of a mixed-use development project that comprises serviced apartments, retail and office spaces. The project is strategically located along Shwedagon Pagoda Road and Bogyoke Aung San Road in the heart of Yangon city centre.
Pan Pacific Hotels Group will own a 20% interest in the joint venture and will be responsible for its management, while Shwe Taung Group and the City Square will control 60% and 20%, respectively.
The new property will have 348 rooms along with a swimming pool, spa, gym, ballroom, meeting rooms, an all-day dining restaurant and a speciality restaurant.
Pan Pacific Yangon, which will offer expansive views of iconic destinations such as the Anglican Trinity Church, Yangon River and the bustling Yangon downtown, will likely open in 2016, subject to receipt of all necessary regulatory approvals from the relevant Myanmar authorities.
Shwe Taung Group CEO Aung Zaw Naing said, "We believe that this joint venture will bring together a synergic blend of development expertise and management skill-sets to enhance the quality of hospitality services in Yangon."
The new Pan Pacific hotel is expected to strengthen the company’s presence in the region, where it has been operating the PARKROYAL Yangon hotel for 12 years.
The hotel group also plans to conduct extensive renovations of its public spaces, restaurants and ballroom to enhance the guest experience at PARKROYAL Yangon.
Pan Pacific Hotels Group chief executive Gwee Lian Kheng said Pan Pacific Yangon underscores the group’s commitment to Myanmar as an important growth market.
"By responding to the increasing demand for quality hotel rooms and service through our distinctive ‘Pan Pacific’ and PARKROYAL brands of hospitality, we look forward to contributing further to Myanmar’s flourishing tourism industry," Lian Kheng added.
Additionally, Pan Pacific Hotels Group is also exploring opportunities in Naypyidaw, Myanmar’s capital and the host city for the 27th Southeast Asian Games in December 2013 and the 2014 ASEAN Summit, for furthering its expansion plans.
As part of its market expansion plans, Pan Pacific has also signed two management agreements for launching PARKROYAL resorts in Bogor (opening 2015) and Bali (opening 2016), Indonesia.
Pan Pacific Hotels Group operates 20 ‘Pan Pacific’ and 14 PARKROYAL hotels, resorts and serviced suites comprising over 10,000 rooms, including those under development, in Asia, Oceania and North America.
Image: PARKROYAL Yangon. Photo courtesy of Pan Pacific Hotels Group.