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Singapore's Keppel sells upscale Myanmar hotel for $57m

Hospitality industry hammered by pandemic and military takeover

The Sedona Hotel Yangon shuttered its doors during the coronavirus pandemic. (Photo obtained by Nikkei)

SINGAPORE/BANGKOK -- Keppel Corp. will sell the Sedona Hotel Yangon for $57.4 million as Myanmar's hospitality industry struggles to rebound from the double blow of the coronavirus pandemic and the 2021 military takeover.

The Singaporean state-backed conglomerate has been accelerating the liquidation of assets to strengthen its environmental business. Divestment from the upscale Sedona will allow it "to unlock capital which can be channeled toward new growth opportunities," Keppel said in a statement this week.

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