A five-star establishment overlooking Yangon’s Inya Lake and managed by the hotel division of South Korea’s Lotte Group officially opened on September 1, media reports said.
The twin-tower Hotel Lotte Yangon comprises a 15-storey hotel with 343 guest rooms and a 29-storey serviced apartment with 315 units.
It has been built on a 2.42 hectare (six acre) site in Hlaing Township owned by the Ministry of Defence, the reports said.
A consortium headed by POSCO Daewoo, a subsidiary of big South Korean steelmaker POSCO, began work on the hotel in 2014, when the cost of the project was reportedly estimated at US$200 million (about K271 billion at current exchange rates).
The joint venture consortium includes POSCO Engineering & Construction, Lotte Hotel and Resorts, and Myanmar’s IGE Group of Companies.
POSCO Daewoo will oversee the property’s overall operations, the Korea Times reported.
“The successful completion of the Lotte Hotel Yangon proves again that we are a competent hotel developer,” POSCO Daweoo chief executive, Mr Kim Young-sang, told the newspaper.
“We have built and operated many hotels in Vietnam, China, Bulgaria and other countries over the years,” Kim said.
He said POSCO Daewoo was the first foreign private entity to obtain the right to develop government-owned land in Myanmar for 70 years.
“We have built trust with government officials and local residents there since the 1980s. This extensive network enabled us to start the hotel project,” Kim said.
Other POSCO Daewoo projects in Myanmar include building a grain-processing facility and a power plant.