YANGON, 28 August 2017: Lotte Yangon opens officially, 1 September, at a prime site next to Inya Lake managed by the hotel division of South Korean retail giant Lotte Group.
The hotel’s developer, Lotte Hotel & Resorts, sees the opening of its eighth foreign hotel in Myanmar as part of a wider plan to establish a foothold in ASEAN’s lucrative hotel markets.
Lotte Hotel & Resorts is part of the South Korean retail giant, Lotte Group, which is the fifth-largest conglomerate with sprawling businesses in food, retail and construction.
It took four years to build the hotel on a site next in Hlaing Township district and close to the city’s iconic Inya Lake. It is around 8km from the Yangon International Airport and 5km from Shwedagon Pagoda.
The property features two buildings; a 15-story hotel with 343 rooms and a 29-floor serviced apartment block with 315 units.
It also boasts the city’s largest ballroom that will cater to a lucrative wedding market and product launches in Yangon.
There are 19 different types of serviced apartment units with floor space ranging from 62 sqm to 339 sqm in the residential building.
The only convenient option for booking a hotel room, until the hotel’s website allows direct bookings and online payments through credit cards, is through popular OTAs.
In mid-September, Booking.com offers a deluxe twin room at USD166 a night at the Lotte.
Agoda.com appears to have the best deal for mid-September at USD128 that it claims is 38% off and no cancellation charge either.
The hotel’s website allows you to request a reservation by completing ID details and sending a message to the hotel’s sales department, but there is no indication of what rate will apply. That has to be confirmed by an email from the sales department. Payment is made at the hotel.
When construction began in 2014 the developers said it would cost around USD200 million to build the two towers, or about USD300,000 for every one of its 658 units, spread across the hotel and serviced apartment buildings.
At the time it was identified as a joint venture between a group of Korean companies with an 85% stake that included Daewoo International, KDB Daewoo Securities, POSCO E&C and Lotte Hotels & Resorts. The remaining 15% was held by Myanmar companies.