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 company will have capital of US$162.85 million, of which 65 per cent will be put up by Keio and the rest by Adventure Myanmar Tours.
The first project will be a Yangon hotel and serviced apartment complex with of 400 rooms, as well as restaurants and a swimming pool.
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 deployed two staff members from Japan to prepare for the launch of the new business.
Japanese railway company to move in to Myanmar serviced apartment sector
Japanese railway operator Keio Corp has formed a JV with a Myanmarese travel agency to build hotels and serviced apartments in Yangon.
“"It’s been really good. For a first event, the numbers are good, and we’ve had some very positive feedback from the owners that we’ve invited here. We’ve had some really good conversation with partners and potential owners. The atmosphere has been really good - I think the tours of Bangkok yesterday which allowed people to get to know each other on an informal basis was a great idea. I’m sure the event will grow from here."
Douglas Martell, chairman & CEO, Onyx Hospitality Group
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