The $130 million Peninsula Hotel project to be built on the former railway headquarters in downtown Yangon, Myanmar, is still stalled, Nikkei Asia reported.
The hotel project in Yangon is a joint venture with Myanmar’s Yoma Group, which comprises Singapore-listed Yoma Strategic Holdings and Yangon-listed First Myanmar Investment. Hongkong and Shanghai Hotels owns 70% of the joint venture, with the rest held by the Yoma side.
Regarding the project, the Hong Kong and Shanghai Hotel Group (HSH Group) said that the Peninsula Yangon hotel project is still on hold, Nikkei Asia reported.
Clement Kwok, CEO of Hongkong and Shanghai Hotels, said "At the moment, we do not think the environment is suitable for us to complete the hotel." He described the situation on the ground as "somewhat uncertain" and "little bit difficult to predict."
The planned 88-room hotel is part of plans to redevelop the former colonial-era Myanmar Railway headquarters in the heart of country's old capital. The project kicked off in 2014 and was supposed to have been completed in 2022, Nikkei Asia reported.
