The US$130 million Peninsula Hotels project in downtown Yangon has been halted, according to the news which appeared in Japanese newspaper NIKKEI Asia. The luxury hotel group Peninsula Hotels has permanently scrapped its Myanmar project, the report said.
According to the NIKKEI Asia, the company announced that it had written off all of its investment in the project to renovate the railway headquarters building into a hotel. Until the end of last June, the remaining assets of the Yangon Peninsula project was worth HK$160 million (US$20.51 million), and it will be would be written off as a loss to recover the assets, according to the Chinese (Hong Kong) and Shanghai-based hotels that operate the project.
The Peninsula Hotels project is aimed to redevelop the former colonial-era Myanma Railways Headquarters site into an 88-room hotel. The project began in 2014 and was scheduled to be completed in 2022.
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