Pan Pacific eyes serviced units in Myanmar

Pan Pacific Hotel Group said serviced apartments is a unique growth segment in Myanmar.

The Singapore listed group had acquired a hotel in the former capital, Yangon, eleven years ago and branded it as part of its Park Royal hotels chain.

And now that Myanmar’s economy is opening up, the Group said its investment in the country is paying off.

Pan Pacific Hotel Group’s CEO, Patrick Imbardelli, said: “We’ve been approached like daily by investors, or would-be partners, to say you know the market, you’ve been there, we’d like to do something with you. Service suites have a unique, unique position in Myanmar. As ADB, as World Bank, as United Nations start sending in people, resources, they’ll need long term stays. So we’re also looking at opportunities in that segment of that market.”

The Group’s first quarter profit this year rose more than 60 per cent.

Source : Channel NewsAsia – 24 Jul 2012

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