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Keppel Land divests Sedona Hotel Mandalay
KEPPEL Land has entered into a conditional sales and purchase agreement to divest its entire stake in Wiseland Investment (Myanmar) - which owns Sedona Hotel Mandalay - to Eden Hotels and Resort Co for US$41 million.
The divestment, which comes on the heels of Keppel Land's investment in Junction City Phase Two in Yangon, is in line with the company's strategy to recycle capital for higher returns, it said in a release to the Singapore Exchange.
Ng Ooi Hooi, president (regional investments), of Keppel Land, said: "The divestment will unlock value in Sedona Hotel Mandalay for Keppel Land and enable us to pursue other opportunities in Myanmar, with a focus on Yangon."
Opened in 1997, the 250-room Sedona Hotel Mandalay is situated in the heart of the city and faces the Royal Palace and Mandalay Hill.
Keppel Land made its first foray into Myanmar in 1993 when it broke ground for Sedona Hotel Yangon, before breaking ground for its second Sedona hotel in Mandalay a year later.