Keppel Land ditched entire stake in Sedona Hotel Mandalay

The property was sold for $55.35m.

Keppel Land has entered into a conditional sales and purchase agreement to divest its 100% stake in Wiseland Investment (Myanmar), which owns Sedona Hotel Mandalay, to Eden Hotels and Resort, one of Myanmar's well-known hospitality groups, for a total consideration of approximately US$41 million (approximately S$55.35 million).

This divestment, coming closely after 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.

Mr Ng Ooi Hooi, President (Regional investments), 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. We are confident of the long-term potential of Myanmar, and are committed to participating in and contributing to the growth of the country."

Mr Chit Khine, Chairman, Eden Group, said, "Sedona Hotel Mandalay is a well-established property in Myanmar. We are confident that this acquisition will pave the way for further development of the hospitality industry in the Mandalay region."

Opened in 1997, Sedona Hotel Mandalay comprises about 250 well-appointed guest rooms. Nestled on four acres of beautifully landscaped gardens, the hotel is strategically located in the heart of the city and faces the majestic Royal Palace and Mandalay Hill. In recognition of its excellence in hospitality, Sedona Hotel Mandalay was named Myanmar's Leading Resort at the World Travel Awards 2013 and also received TripAdvisor's Certificate of Excellence from 2011 to 2013.

Keppel Land first entered Myanmar in 1993 when it broke ground for Sedona Hotel Yangon, introducing its brand of signature Asian hospitality. A year later, the company broke ground for its second Sedona hotel in Mandalay.

Since then, the two hotels have successfully established themselves as the choice accommodation provider in the country, garnering numerous awards.

Over the years, Sedona has consistently delivered on its brand promise to provide its customers with quality and thoughtful experiences.