Logo of Phnom Penh Post newspaper Phnom Penh Post - Hyatt hotel opens in central Phnom Penh after delays



Hyatt hotel opens in central Phnom Penh after delays

Content image - Phnom Penh Post
The Hyatt Regency Phnom Penh hotel opened on Wednesday, in the capital’s Chey Chumneah commune. SPM

Hyatt hotel opens in central Phnom Penh after delays

The $180 million Hyatt Regency Phnom Penh hotel opened on December 15 after numerous delays, which real estate experts claim will have positive bearing on the property market, and illustrate the progress of international tourism reopening plans and the strength of Cambodia’s economic growth.

Located on a 7,031sqm area in Chey Chumneah commune of the capital’s Daun Penh district, the five-star hotel was invested by local conglomerate Chip Mong Group.

Chip Mong Group signed a management agreement with Chicago, US-based Hyatt Hotels Corp in September 2016 for the hotel. The hospitality firm currently operates more than 900 hotels in 65 countries as well as 21 luxury brands.

Chip Mong chairman Leang Khun noted that $5 million was spent on preserving a French colonial building, which he said is now a luxury lounge in “the heart of the sprawling hotel”.

He claimed that the hotel would “promote a modern-day lifestyle, like in other areas, in line with the development of the lives of the people in Cambodia, which reflects strong economic growth”.

Presiding over the inauguration ceremony, Prime Minister Hun Sen suggested that foreign leaders could stay at the hotel during Cambodia’s 2022 ASEAN chairmanship, as could big-shot international investors or “local customers”.

“The Hyatt Regency Phnom Penh will be able to accommodate more heads of state and government in the upcoming future,” he said.

Global Real Estate Association president Sam Soknoeun described the opening as a “special message to the world” that the Cambodian economic recovery is showing positive signs, although the Covid-19 epidemic has not been completely contained.

He claimed that the hotel would not only attract high-rolling tourists, but also major investors to seek opportunities in the Kingdom as well.

“An uptick in the arrival of big investors would have a significant impact on the national economy and the real estate market, as investments always need a suitable location to match the type of the business. This is a fresh glimmer of hope for the real estate market in Cambodia,” he said.

Meanwhile, Lucky Realty Co Ltd CEO Dith Channa said that in an era of political stability, the hotel would be another impetus for the Cambodian real estate arena’s growing pool of large-scale investors, while properties remain “more affordable” than in neighbouring countries.

He said the hotel would not only offer a boost to the tourism industry but also “help revitalise the Cambodian property market, because when the economy is good, the real estate market will be just as good”.

There are currently 49 hotels in the capital, comprising a total of 7,501 rooms – eight five-star (3,451 rooms), 10 four-star (1,717 rooms), 15 three-star (1,446 rooms), eight two-star (477 rooms) and eight one-star (410 rooms).

MOST VIEWED

  • ‘Education’ a priority traffic-law penalty

    A top National Police official on June 21 neither rejected nor confirmed the authenticity of a leaked audio message, which has gone viral on social media, on a waiver of fines for a number of road traffic-related offences. General Him Yan, deputy National Police chief in

  • Pursat Ford assembly plant opens

    The Kingdom’s first Ford assembly plant was inaugurated on June 16 in Pursat province amid rising demand for brand-new vehicles among Cambodians. The facility is seen as a game changer for the domestic automobile industry, which could bring a wave of investors seeking to cash

  • Volunteer scheme to foster ‘virtuous’ humanitarian spirit

    A senior education official said volunteer work contributes to solidarity and promotes a virtuous humanitarian spirit among the youth and communities. Serei Chumneas, undersecretary of state at the Ministry of Education, Youth and Sport, made the comment during the opening of a training programme called “

  • Siem Reap’s $18M zoo said to educate public, help wildlife

    Angkor Wildlife and Aquarium Co Ltd has invested $18 million in a zoo in Siem Reap province, which will be opened in October to educate and promote animal conservation as well as attract national and international tourists. Currently, the Angkor Wildlife and Aquarium is building the

  • Angkor photo rules clarified

    The Apsara National Authority (ANA) denied that it had banned the use of camera tripods in the Angkor Archaeological Park, explaining that the confusion stemmed from a long-standing rule which required commercial photographers and videographers to apply for permission to film. The explanation followed a

  • $50B infrastructure plan en route

    The government’s upcoming $50 billion,10-year infrastructure master plan will provide tremendous investment opportunities for domestic and foreign entities, transport experts and economists say. Minister of Public Works and Transport Sun Chanthol revealed the plan to Japanese ambassador to Cambodia Masahiro Mikami on June 15. At