Pan Pacific Hotels Group has announced a conditional joint venture with Shwe Taung Group, one of Myanmar’s leading corporations in real estate and infrastructure development, to develop the first “Pan Pacific” hotel in Myanmar, to be known as Pan Pacific Yangon (subject to receipt of all necessary regulatory approvals from the relevant Myanmar authorities).
The joint venture would be on a 20:20:60 shareholding basis, with Pan Pacific Hotels Group holding an interest of 20% and Shwe Taung Group controlling a 60% interest, while City Square Pte Ltd will own the balance 20%.
Apart from the said regulatory approvals, the joint venture is also subject to various other conditions, including the entry into a series of related agreements by the Parties and/or their respective affiliates and the Joint Venture Company (where applicable).
The partnership, which was formalised with a signing ceremony in Myanmar on 26 October, will also see Pan Pacific Hotels Group manage the 348-room hotel. The event was attended by Mr Robert Chua, Singapore Ambassador to Myanmar, Myanmar government officials as well as representatives from both companies.
Shwe Taung Group boasts a diverse business portfolio which includes property development, retail mall management, construction and construction materials, energy and infrastructure. With a workforce of 6,000 people, the Group is one of the largest employers in Myanmar.
Opening in 2016, Pan Pacific Yangon will be part of a mixed-use development that also comprises serviced apartments, retail and office spaces. It is strategically located along Shwedagon Pagoda Road and Bogyoke Aung San Road in the heart of Yangon city centre, and opposite Bogyoke Aung San Market (previously known as Scott Market), a key attraction and a major bazaar for tourists and locals alike.
Bringing to life the “Pan Pacific” brand promise of “Your Refreshing Pacific Experience”, Pan Pacific Yangon will feature 348 beautifully furnished rooms and an extensive range of luxurious guest facilities including a swimming pool, spa, gym, ballroom, meeting rooms, an all-day dining restaurant and a speciality restaurant. The hotel will also offer expansive views of iconic destinations such as the Anglican Trinity Church, Yangon River and the bustling Yangon downtown.
The new “Pan Pacific” hotel will strengthen Pan Pacific Hotels Group’s presence in Myanmar where it owns and has been operating the award-winning PARKROYAL Yangon for the past 12 years. Widely recognised as one of the top luxury hotels in the country, PARKROYAL Yangon will soon be refreshing its guest experience through extensive renovations of its public spaces, restaurants and ballroom.
“Having established an early and successful presence in Myanmar with PARKROYAL Yangon, we are now eager to introduce our other acclaimed brand – “Pan Pacific” – to the Myanmar community and international guests,” says Gwee Lian Kheng, Group Chief Executive, Pan Pacific Hotels Group.
“Pan Pacific Yangon underscores the Group’s steadfast confidence in and 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.”
Within Myanmar, Pan Pacific Hotels Group is also exploring opportunities in Naypyidaw, the country’s capital and the host city for the 27th Southeast Asian Games this December and the 2014 ASEAN Summit.
“With solid, proven credentials as a hotel management company, Pan Pacific Hotels Group is an ideal partner for us in promoting the city’s progress through prime developments,” says Aung Zaw Naing, Group Chief Executive Officer, Shwe Taung Group.
“The “Pan Pacific” brand is synonymous with enriching Pacific experiences, discreet elegance and personalised service. 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. It will also create local job opportunities and help promote the tourism sector as a whole.”
Headquartered in Singapore, Pan Pacific Hotels Group owns and/or manages 20 “Pan Pacific” and 14 PARKROYAL hotels, resorts and serviced suites in Asia, Oceania and North America with a total inventory of over 10,000 rooms, including those under development.
In addition to Pan Pacific Yangon this year, the Group also signed two management agreements for PARKROYAL resorts in Bogor (opening 2015) and Bali (opening 2016), paving the way for the brand’s debut in Indonesia.