Hilton first in Myanmar
YANGON, MYANMAR and MCLEAN, USA, 7 March 2013: Hilton Worldwide is the first US hotel chain to conclude a management contract in Myanmar following the easing of sanctions last year.
The chain announced Wednesday that it had signed a management agreement with LP Holding Company to manage Hilton Yangon in the city’s Kyauktada township.
The 300-room Hilton Yangon will also be the first Hilton Hotels & Resorts branded hotel in the country. Under construction it is scheduled to open in 2014.
“This agreement is a significant milestone for us as it represents both Hilton Worldwide’s and the Hilton brand’s entry into Myanmar. Following the social and economic reforms the country has made over the past year, Myanmar has seen visitor arrivals grow by 45.1% compared to the previous year,” said Hilton Worldwide senior vice president development Middle East & Asia Pacific, Andrew Clough.
Another, US hotel group, Best Western, is close to signing a deal on a hotel in Myanmar but a spokesperson for the Asia Pacific office said it was too early to give details or confirm the deal, other than to say negotiations are on-going.
Hilton believes Yangon is positioned to grow much faster than many other emerging city hotel markets in Asia, mainly on the back of business travel as corporations seek investment opportunities.
It’s local partner, LP Holding Company is building the 21-storey hotel 14.3 km from Yangon International Airport as part of the Centrepoint Towers, a mixed-use development which includes retail boutiques and a premium office tower.
The hotel property is located opposite Yangon’s High Court building and the famous Independence Monument Park.
It will be one of the tallest commercial buildings in the city offering, impressive 365-degree views of greater Yangon and hints of the impending real estate boom that will turn the low-rise almost garden-style environment of Yangon into a high rise mass of concrete and glass.
“Myanmar, and Yangon in particular, is one of the most sought after destinations in Southeast Asia since the United States and United Kingdom lifted sanctions. Given the lack of internationally-branded, quality rooms in the market, Hilton Yangon is in a great position to take advantage of this undersupplied yet booming market,” said, LP Holding Co Ltd director Richard Mayhew.
Following the lifting of sanctions international airlines have introduced new routes to Yangon to meet the demand in business travel.
Arrivals into Yangon should remain strong and with new foreign investment laws passed in November 2012, the city is expected to generate high levels of growth across all industries especially in mining, energy, telecommunications, banking, real estate, legal, healthcare and hospitality.