T OURISM Minister Veng Sereyvuth announced today that Raffles International has been selected to redevelop the Grand Hotel in Siem Reap, a project costing $30 million.
Raffles had previously won the deal to manage and develop the Royal Hotel in Phnom Penh.
Raffles' combined investment in Cambodia with these two prestigious hotels now stands at $55 million.
The Royal, a sister hotel of the Grand, was built in 1927.
"As with the Royal Hotel, the object (of the Grand Hotel deal) was to preserve the character and restore the past grandeur of the hotel while providing modern amenities and facilities required of an historic hotel," Mr Sereyvuth said.
Raffles will also be landscaping adjacent parklands which will extend from the hotel to the Royal residence and across to the river.
"The government has negotiated a 60-year lease arrangement under which we receive a substantial premium, percentage of revenue, profit share and in the second term a share in the equity of the project," the minister said.
"The Grand and the Royal fit neatly into our strategic plan to develop a chain of international hotels in the exclusive grand historic market niche pioneered by the Raffles, Singapore," said Richard Helfer, Raffles' chief executive officer.