"Pan Pacific" hotel venture in Myanmar

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Nyi Nyi ®

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Oct 28, 2013, 11:59:56 AM10/28/13

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UOL Group said on Monday that its indirect unit, Pan Pacific Hospitality Pte Ltd, has entered into a conditional agreement to form a joint venture to buy, construct, develop and/or manage a "Pan Pacific" hotel in the prime city centre of Yangon, Myanmar.

The conditional joint venture agreement was entered on Oct 26 with Shwe Taung Junction City Co., Ltd. (STJC) and City Square Pte. Ltd. UOL's unit will have a 20 per cent interest in the JV.

The 348-room hotel will be located in the Junction City mixed use development along Shwedagon Pagoda Road in Yangon, Myanmar. The agreement is subject to various conditions including all necessary regulatory approvals from the relevant Myanmar authorities.