Center point Hotel YangonYangon Hotel Centre
300-room city centre opening date fixed
One of the biggest hospitality complexes in the nation is about to be completed after 15 years and almost 100 million US dollars of overseas investments. Yangon's centre point towers as part of an integral Yangon city centre retailing and hospitality facility is scheduled to open in November, Richard Mayhew, the project's CEO, said in an e-mail to The Myanmar Times last weekend.
This 300-roomed, internationally renowned business and tourism resort offers a 24-hour cafe, a Thai cafe, a "Top of the Tower" dining area, three lounges and musical pubs, a meeting and banqueting center for up to 1,000 guests, a gym and a sports hall. Mayhew said that the real estate proprietor, Thai LP Holding, was looking for a hospitality manager who could place Centrepoint Towers as a five-star resort of global standards.
The Mandalay Hill Resort is also owned by LP Holding, a catering group. "We see that a new motel is needed. There' s now a growing need for accommodations in Yangon[due to] growing demands from overseas visitors and corporate travellers," Mr Mayhew said, added that most of Yangon's overseas properties are at least 15 years old.
Besides the five-storey building, the building has 15,500 sq. m. of offices and a 2000 sq. m. large mall. Situated on the edge of Merchant and Sule Pagoda streets in Kyauktada in Yangon. Whilst the interiors of the building are still underway, Mr Mayhew said that the building work on an adjacent commercial building has been completed and there is room for rent.
In November 1993 LP Holding and the Ministry of Hotels and Tourism concluded an agreement to invest in the Centrepoint site, which grants the site a 30-year tenancy agreement, according to a NL/M. The New Light of Myanmar reports. Work began in 1995 but stopped in early 1998 due to the Asia economic downturn and Accor's Sofitel soon withdrew from the scheme.
"The capital expenditures site, then known as Sofitel Hotel, was closed until 2005 when it was reopened," he said. Centrepoint's donors raised a further $15.25 million in September 2009, according to the Thai Ambassador in Yangon and government statistics from the Central Statistical Organization, bringing the overall capital expenditure to over $100 million to date.