The Hongkong and Shanghai Hotels, Limited (HSH)
and Yoma Strategic Holdings Ltd. have signed a definitive
shareholders' agreement for the purpose of restoring the former
Myanmar Railway Company headquarters into a hotel to be called The
Peninsula Yangon.
The
agreement, subject to conditions and approval, will seek to
redevelop and restore the heritage building, which dates from the
1880s and is one of the oldest existing colonial buildings in
Yangon.
It is located on Bogyoke Aung San Road in the central
business district of Yangon, one kilometre north of the Yangon
River and adjacent to the tourist attraction known as Scott's
Market.
Mr Clement K.M. Kwok, Managing Director and
Chief Executive Officer of HSH, said, "Myanmar is one of the
world's most exciting emerging markets and we see good potential
in this market as a luxury travel and tourism destination. We are delighted to partner with Yoma, who share our long-term vision for
the success of this project and have a proven track record of
successful investments in Myanmar."
Mr Serge Pun, Chairman
of Yoma Strategic Holdings Ltd, added, "The former Myanmar Railway
Company headquarters is an iconic building in Myanmar. We believe
that working with one of Asia's most established hotel
owner-operators and creator of world-class experiences will be
invaluable in restoring the building to its former glory, as well
as bring to Yangon a new luxury experience. It is a privilege to
be part of this endeavour."
HSH,
Peninsula,
Yangon,
Myanmar
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