RANGOON — One of Burma’s largest conglomerates, the Eden Group, purchased the Sedona Hotel Mandalay from Singapore’s Keppel Land for US$41 million and will entrust Hilton to manage the hotel.
U Chit Khine, chairman of the Eden Group of companies, told The Irrawaddy that the agreement was made with Keppel Land Group in November in Singapore and that they are “waiting to sign with the Ministry of Hotels and Tourism in a tripartite agreement.”
“We are considering naming it Hilton Mandalay,” he said, adding that Keppel Land will continue to manage the hotel until Hilton take over in January next year.
U Chit Khine said since the hotel is located in a prime Mandalay location it “should be run by a local business.”
Keppel Land Group opened the Sedona Hotel Mandalay in 1997 in the heart of the city facing the palace and Mandalay Hill. The group began Burma operations when they opened Sedona Hotel Rangoon in 1993.
Singapore’s Business Times reported in October that Keppel Land wanted to unlock the value in the hotel to “pursue other opportunities in Myanmar, with a focus on Yangon.”
The Eden Group owns hotels in Rangoon, Naypyidaw, Bagan, Inle Lake, and Arakan State’s Thandwe Township and operates the Naypyidaw and Thandwe hotels under Hilton management.
Local conglomerate buy the hotel from Singapore’s Keppel Land for $41 million and say it will be managed by Hilton.