Railway Operator Keio to Open Hotel in Myanmar in FY 2020

Tokyo, Aug. 2 (Jiji Press)--Japanese railway operator Keio Corp. <9008> has announced a plan to set up a joint venture with a Myanmarese travel agency for launching a large hotel and apartment complex in Yangon, the biggest city in the Southeast Asian nation, in fiscal 2020. The joint company, called Keio Adventure Myanmar Co., will be established in April 2018 for the construction and operations of urban hotels and luxury serviced apartments in Myanmar. Keio's joint venture partner is Yangon-based Adventure Myanmar Tours & Incentives Co. The new company, planned to be located in the same city, will have capital of 162.85 million dollars, of which 65 pct will be put up by Keio and the rest by Adventure Myanmar Tours. The planned Yangon hotel and serviced apartment complex will have a total of 400 rooms, as well as restaurants and a swimming pool, and offer high-quality Japanese-style services using know-how the Keio group has accumulated from its hotel operations in Japan. Keio hopes to start construction of the facility as early as in April 2018, after obtaining approval from the Myanmarese government's investment commission. The company set up a representative office in Yangon in December 2014 and has dispatched two staff members from Japan to prepare for the launch of hotel and apartment business in Myanmar. END