As Myanmar's hotel industry struggles to recover from the double whammy of the coronavirus pandemic and the 2021 military takeover, Keppel Corporation will sell Sedona Hotel n Yangon for US$57.4 million, Nikkei Asia reported.

The Singapore government-backed conglomerate is accelerating asset sales to bolster its environmental business. Keppel said in a statement this week that the sale of the high-end Sedona hotel is consistent with Keppel Corp's share capitalization plans to raise capital to enable new development opportunities.

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 and its initial business is as an investment holding and investment business in the hospitality industry.

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

Low Heng Huat, one of Spring Blossom Ventures' three shareholders and chief executive officer, confirmed the acquisition to the Nikkei on March 9. The company plans to continue operating the building as a hotel, adding that they are expecting a new hotel operator, he said.

The reopening time of the hotel has not yet been decided.

Low and his colleagues are involved in businesses ranging from construction and interior design to investment, some of which are related to Myanmar.

When asked about Myanmar's economic situation, Low said, “The situation is stable. The country is moving forward."

Although the epidemic has subsided, some hotels in Myanmar are still closed.

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