The land on which the Sedona Hotel is built is the land that has the right of inheritance and is being warned not to transfer, mortgage or sell without the consent of the heirs, according to the announcement in the state-owned newspapers.

The owner of the land is U Ye Win Aung and the land is the land to which he has the right to inherit. U Ye Win Aung owned the land plot No. 8 15 and 16 located on Thukhawady Road, Yankin Township, Yangon Region, which has under the ownership name of Sooniran Rameshur, according to the announcement.

Among these lands, the land where Sedona Hotel was built is included. It was published in the national newspapers by the lawyer of the land owner that anyone who transfer, sell, mortgage, give or donate the land to anyone without the consent of the land owner and that if they do, they will be taken action in accordance with the law.

NIKKIASIAN reported Keppel Corporation will sell Sedona Hotel Yangon for US$ 57.4 million.

Keppel Corporation, the Singaporean government-backed conglomerate, is accelerating asset sales to bolster its environmental business.

The company determined the value for the hotel that ceased operations due to the pandemic in the fiscal year ending December 2021.

Keppel will sell its Myanmar hotel business to Spring Blossom Ventures. Spring Blossom Ventures is a Singapore-registered company with its initial business as an investment holding and venture capital firm in the hotel industry.

The company's share sale is expected to be completed in the first six months of 2023.

The company plans to continue operating the building as a hotel, it said, adding that they are expecting a new hotel operator. The reopening time of the hotel has not yet been decided.

Sedona Hotel Yangon opened in 1996. It is the first international hotel to open in Myanmar. In 2015, a new building was completed and the number of rooms increased to nearly 800.