Spanish hotel chain Melia Hotels International signed a deal yesterday that will place a five-star Melia brand hotel at a prominent Vietnamese-owned development.
The Melia Hotel Yangon will be part of the mixed-use Hoang Anh Gia Lai (HAGL) Myanmar Centre next to the Sedona Hotel near Inya Lake.
HAGL Group chief executive Vo Thuong Son said the hotel itself will be owned by the Vietnamese firm, but managed by Melia Hotels International.
“We believe that with wide knowledge and experience in hotel and tourism service management worldwide, Melia will be able to help our hotel operate efficiently and bring high values to customers,” he said yesterday.
Work continues at the HAGL Myanmar Centre yesterday. Photo: Aung Myin Ye Zaw
HAGL is one of Vietnam’s largest companies. Founded in 1993, it has recently focused on agriculture and property development, with a number of regional businesses.
HAGL Group began work on its US$440 million Yangon project in June 2013, after signing a long-term build-operate-transfer agreement with the Ministry of Tourism in 2012. The first phase will include a 27-storey commercial centre, two office towers and a 23-storey hotel, with work to be finished this year.
The second phase will be largely completed in 2016, including four residential blocks with 1800 apartments and an office tower.
Earlier this year, Rowsley, a Singaporean firm, signed an agreement to purchase a 50 percent stake in the HAGL Myanmar Centre for $275 million. In early April, Rowsley walked away from the deal, claiming an agreement could not be reached over the details of the investment structure.
Source: Zaw Win Than, Maynmar Times, www.mmtimes.com