Wednesday, July 25, 2012

Pan Pacific sees potential in Myanmar serviced apartments

Singapore-listed Pan Pacific Hotels Group feels that Myanmar’s serviced apartments have strong potential for growth.

“Service suites have a unique position in Myanmar. As ADB (Asian Development Bank), 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 the market,” said CEO Patrick Imbardelli.

Eleven years ago, the company acquired a hotel in Yangon, the country’s former capital (pictured) and included it as part of the Park Royal hotels chain.

Along with progress in Myanmar’s economy, Pan Pacific noted that their investments in the country are also growing.

“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,” noted Imbardelli.

Pan Pacific’s profit grew by over 60 percent in Q1 this year.

View the original article here


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