Lotte Group, the fifth largest conglomerate in food, retail and construction in South Korea, opens up its eighth hotel, Lotte Yangon, at a prime site next to Inya Lake with an aim to establish a foothold in the lucrative ASEAN market. It currently operates hotels in United States, Russia, Vietnam and Uzbekistan. Situated about 8 km from the Yangon International airport and 5 km from Shwedagon Pagoda, it took four long years to build the 15 story 343 rooms hotel and a 28 floor serviced apartment block with 315 units.
To cater for the lucrative wedding market in Yangon, Lotte hotel also boasts the city’s largest ballroom. The property includes a gigantic 337 sqm room with its own study and large dining room. It offers 10 varieties of rooms and the apartment also offer 19 different varieties ranging from 62 sqm to 339 sqm.
The $200 million FDI project began in 2014 and was identified at that time as a joint venture between Daewoo International, KDB Daewoo securities, POSCO E&C and Lotte Hotels and Resorts owning a total of 85% stake while the rest was owned by Myanmar’s IGE Group of Companies.
About LOTTE Hotels & Resorts
Established in 1948, Lotte Group owns Lotte Hotels & Resorts. It is also the largest hotel group in Korea and is constantly expanding to become Asia’s top 3 hotel brands with 40 chain hotels by 2018. Lotte Group owns subsidiaries in various fields such as goods, retail, tourism, petrochemicals, construction and finance. Concentrated in Vietnam, Russia, Indonesia, China and India, Lotte Group is aims to be one of the TOP 10 Global Business Groups of Asia.