April 26, 2024

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[THE INVESTOR] Posco Daewoo, the trading arm of Korean steel giant Posco, will open a hotel in Yangon, Myanmar on Sept. 1, the company announced on Aug. 20.

The company has been operating in the region for years with positive performance and the hotel is one of its accomplishments, according to Posco Daewoo CEO Kim Young-sang.

Located in the former capital of Myanmar, the five-star hotel covers 104,123 square meters of land and comprises a 15-story luxury hotel and 29-story extended-stay hotel, the company said.

In 2012, the Myanmar government gave the Korean company rights to use the land for 70 years, marking the first long-time deal for a foreign company there.

Besides the hotel in Myanmar, Posco Daewoo has also worked on building hotels in Vietnam, China and Bulgaria. 

By Kim Bo-gyung / The Korea Herald (lisakim425@heraldcorp.com)