Lotte Hotel & Resorts, the hotel arm of South Korean conglomerate Lotte Group, on Friday opened its new five-star hotel in Myanmar’s commercial city of Yangon in a move to grab opportunities in the country where foreign investment has increased since its democratization in 2011.

The hotel in Yangon is Lotte Hotel’s eighth global chain after Moscow, Hanoi and New York. It is also the first overseas project in which it has been outsourced hotel management. The project leader Posco Daewoo Corp. has overseen the entire process from bidding to construction and management.

The opening of Lotte Hotel Yangon comes after a number of global hotels have already built their Yangon chains or have announced new launches in the city in hopes of tapping into the rapid growth in the country that started to attract foreign investment and tourists since the military junta ended in 2011.

Lotte Hotel Yangon is located near the scenic Inya Lake, the biggest lake in the city and a popular recreational spot. It is comprised of two buildings, a 15-story hotel with 343 guest rooms and a 29-story serviced apartment bloc with 315 units.

The hotel also houses four restaurants, including a Korean restaurant, 11 banquet halls and the city`s sole indoor hotel swimming pool.

By Kang Young-woon

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]