SEOUL, KOIREA - Daewoo International held on May 12 a groundbreaking ceremony for a hotel in Yangon (or Rangoon), Myanmar, jointly with POSCO Engineering & Construction, Hotel Lotte, and Daewoo Securities. At the ceremony, 200 dignitaries including Burmese business leaders, Daewoo International president Jeon Byung-il, POSCO E&C president Hwang Tae-hyun, Hotel Lotte president Song Yong-deok, and Daewoo Securities president Kim Ki-beom were in attendance.

 

The hotel, located near Inya Lake, 10 kilometers north of downtown Yangon, will consist of two buildings including a 15-story block with 346 guest rooms and an extended stay hotel with 315 rooms. 

 

The trading company will take the leadership role in the consortium, taking charge of all matters from project bidding to land use permission to the whole construction process. At the total cost of US$220 million, the project will be built by POSCO E&C, with post-construction management taken care of by Hotel Lotte. Daewoo Securities will be responsible for project financing. The consortium won the rights to use the land for up to 70 years and will proceed with the project under a build-operate-transfer (BOT) contract by the end of 2016.

 

Based on abundant experience and know-how in managing hotels, including Hanoi Daewoo Hotel‎, and elsewhere including China, Bulgaria, and Algeria, Daewoo International will go on to build and manage the hotel in Yangon. The new hotel to be erected will emerge as an important landmark in the historic city in Myanmar. The company has had intimate business relationships with companies in the Southeast Asian country, including offshore gas fields.