South Korean investment and trading giant Posco Daewoo, which has been producing natural gas off Myanmar since 2013, will open a five-star hotel in Yangon on September 1.
Located next to the Inya Lake, one of the most famous public outing places in Yangon, Hotel Lotte Yangon covers 104,123 square feet of land, comprises of two buildings, a 15-story luxury hotel with 343 rooms and a 29-story serviced apartment bloc with 315 units. It houses restaurants, convention centers, swimming pools overlooking the scenic Inya Lake and other dining and service facilities.
Posco Daewoo has been successfully operating in the region for years and Hotel Lotte Yangon is one of its accomplishments, said Kim Young-sang, CEO of Posco Daewoo.
The hotel, boasting Yangon’s largest banquet hall, comes to full-fledged operation after four years of development. Posco Daewoo formed a consortium in 2014 with Posco Engineering & Construction, Lotte Hotels, Mirae Asset Daewoo and local contractors to implement the hotel project after receiving approval from Myanmar government to operate the hotel site for 70 years in 2012. The corporation has outsourced hotel management to Lotte Hotels, an international luxury hotel chain operated by South Korean multinational conglomerate Lotte Group. Posco Daewoo, the trading and natural resources development subsidiary of South Korean steelmaker Posco, is also undertaking several projects to build a grain-processing facility and a power plant in Myanmar.
The company has previously built hotels in Vietnam, China and Bulgaria.
