TOKYO—Hotel Okura Co., Ltd., has signed a contract with TEHO Development Cambodia Pte Ltd. to develop and manage The Okura Prestige Phnom Penh, a luxury hotel to be opened in Cambodia’s capital in 2019. Hotel Okura will be the first Japanese hotelier to enter the luxury market in Cambodia, according to the company.
According to Cambodia’s Ministry of Tourism, the number of international visitors hit an all-time high of 4.5 million people in 2014.
In December of 2015, ASEAN established the ASEAN Economic Community to create an integrated market of $2.6 trillion and over 622 million people. As an ASEAN member state, Cambodia is promoting economic development and setting up Special Economic Zones to attract foreign companies, especially in Phnom Penh.
The 40-story, 250-room hotel will be part of The Bay, a residential and commercial complex being built between the Tonle Sap and Mekong Rivers on the Chroy Changvar Peninsula. The location, which is 10.6 miles from Phnom Penh International Airport, will provide the hotel with views of the city and the Royal Palace.
The contract is based on an agreement Hotel Okura signed in February 2015 with TEHO Development Cambodia, a subsidiary of Singapore-listed multinational solutions provider TEHO International. The contract will be transferred to Okura Nikko Hotel Management Co., Ltd., a subsidiary that manages the group’s hotel operation.
According to the company, the new hotel will position Hotel Okura to expand its group portfolio past 100 hotels worldwide. By 2018, the company plans to open Okura Hotels & Resorts’ hotels in Cappadocia and Manila, as well as Nikko Hotels International’s hotels in Taizhou and Bangkok.
