Mizzima

The Sedona Hotel on Kabaraye Pagoda Road in Yangon has been sold at the price of US$57.4 million.

Keppel Land, wholly owned by the Singapore based Keppel Corporation, this week announced that it had made the sale.

The Spring Blossom Venture which bought Sedona Hotel from Keppel Land is a Singapore based multi-sector investment and tourism services conglomerate.

Spring Blossom Venture intends to continue operating the hotel business locally and they are reportedly finding a new operator to run this hotel business.

The sale of this hotel follows the earlier announcement of the corporation issued on 6 March 2023 on the divestment after being faced the setback twice consecutively by the COVID-19 pandemic and the military coup in 2021.

The divestment is in line with Keppel’s asset monetisation plans to unlock value that can be invested to pursue new opportunities, the announcement of Keppel Corporation says.

The Singapore government-backed Keppel Corporation has planned to sell this Sedona Hotel (Yangon) since early 2023. The hotel was opened in 1996 and it is one of the first ever 5-star international hotels in Myanmar.