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| An aerial view of the Lotte Hotel Yangon, which will open Sept. 1 / Courtesy of POSCO Daewoo |
By Lee Hyo-sik
A POSCO Daewoo-led consortium has completed work on a five-star hotel in Yangon, Myanmar, further bolstering the trading company's presence in the rapidly growing Southeast Asian country.
The trading and natural resources development unit of steelmaker POSCO said Sunday the Lotte Hotel Yangon, with 104,123 square meters of floor space, will open Sept. 1.
The five-star hotel has 343 rooms with restaurants, convention centers, swimming pools and other facilities. It also operates a building with 315 rooms for long-term guests.
POSCO Daewoo, which has been producing natural gas off Myanmar since 2013, received approval from the government there to operate the hotel site for 70 years in 2012.
In 2014, the company formed a consortium with POSCO Engineering & Construction, Lotte Hotel, Mirae Asset Daewoo and local contractors.
POSCO Daewoo will oversee the hotel's overall operations, while Lotte Hotel will manage day-to-day issues.
"The successful completion of the Lotte Hotel Yangon proves again that we are a competent hotel developer," said company CEO Kim Young-sang. "We have built and operated many hotels in Vietnam, China, Bulgaria and other countries over the years."
Kim said POSCO Daewoo was the first foreign private entity in Myanmar that obtained the right to use the government-owned land for 70 years.
"We have built trust with government officials and local residents there since the 1980s, the CEO said. "This extensive network enabled us to start the hotel project. In addition to trading and natural resources development, we will focus on real estate development and other new businesses to secure new sources of income abroad."
In Myanmar, POSCO Daewoo is working on several projects to build a grain-processing facility and a power plant.
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