The Sedona Hotel in Yangon has been completely sold to Spring Blossom Ventures for US$57.4 million, announced Keppel Corporation on October 16.

Keppel Corporation has completed the sale of the Sedona Hotel, valued at S$75.6 million, to Singaporean conglomerate Spring Blossom Ventures, according to a statement.

Spring Blossom Ventures is a multi-sector investment and business group mainly engaged in tourism services, and intends to continue operating the hotel business locally.

Sedona Hotel was first opened in 1996 and is a five-star hotel, and it is also the earliest international hotel opened in Myanmar. In 2015, a new building was opened to increase the number of rooms to nearly 800.

Keppel Corporation, a Singaporean government-backed conglomerate, has been working to sell the Sedona Hotel since early this year.