(Nikkei Asia) Keppel Corp., a Singapore state-backed conglomerate, will sell the luxury Sedona Hotel Yangon for $US 57.4 million in cash.

The group said that its property arm’s divestment is in line with Keppel Corp’s asset monetization plans to unlock capital that can be channeled towards new growth opportunities.

Keppel will sell its Myanmar hotel business holding company to Spring Blossom Ventures, a company registered in Singapore that describes its primary business as "investment holding and investment in the hospitality industry."

The deal is expected to be completed by the first half of 2023.

According to Low Heng Huat who is CEO and one of the three shareholders of Spring Blossom Ventures, the company plans to continue operating the property as a hotel and “is looking for a new hotel operator."The timing of reopening has not been decided.

Sedona Hotel Yangon opened in 1996, among the first international hotels to open in the country. A new building was added in 2015, amid high expectations for expanding democratization in the country, increasing the number of guest rooms to nearly 800. However, the hotel has been shuttered due to the economic crisis as a result of the dual effects of the pandemic and the military takeover.