Mizzima

The hotel project operator Hong Kong and Shanghai Hotels Group (HSH Group) said that it was ready to recommence their Yangon Peninsula Hotel project in downtown Yangon, at the site of former Myanmar Railways Headquarters.

The operator of Peninsula Hotels Group is planning to recommence the Yangon Peninsular Hotel project worth over US$130 million after pausing in the post-coup period.

After the military coup in February 2021, the CEO Clement Kwok of HSH Group confirmed that they suspended the Yangon Peninsula Hotel project which was a part of the redevelopment plan of downtown Yangon.

The local partners of this hotel project are Singapore based Yoma Strategic Holdings Ltd. (YSH) and First Myanmar Investment (FMI) which are the subsidiaries of business tycoon Serge Pan’s Yoma Group. HSH Group owns a 70% stake and Yoma Group owns a 30% stake in this project.

This 88-room hotel project is a part of redevelopment of the colonial-style building Myanmar Railways HQ and it was started in 2014 and expected to be completed in 2022 but the construction work had to be suspended in mid-2021.

Kwok said: "We will continue to evaluate the situation in Myanmar to establish a suitable time to recommence work of the planned Yangon Peninsula Hotel project."

The project operator wrote off US$87 million from the halted project’s original investment of US$130 million in May last year.