After Raffles, Intercontinental, Sofitel, Sunway, another international hotel brand will soon be available in Cambodia capital Phnom Penh: Hotel Okura Co. Ltd announced last week to have signed a contract with TEHO Development Cambodia Pte Ltd. to develop and manage The Okura Prestige Phnom Penh. The luxury property is due to open its doors in Cambodia’s capital in 2019.
Hotel Okura will be the first Japanese hotelier to enter the luxury market in Cambodia, a rapidly growing market for both business and leisure travel.
The new hotel will position Hotel Okura to better serve this robust market and aid in Hotel Okura’s push 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.
“We are greatly honored to bring our hotel to Phnom Penh, Cambodia’s vibrant center of economy and commerce and a hub between Ho Chi Minh City and Bangkok,” said Toshihiro Ogita, President of Hotel Okura. “We hope that visitors and locals alike will love The Okura Prestige Phnom Penh and that our brand will flourish alongside the people of Cambodia and ASEAN.”
According to Cambodia’s Ministry of Tourism, the number of international visitors hit an all-time high of 4.5 million people in 2014. As an ASEAN member state, Cambodia is aggressively 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 new district developed across Phnom Penh Tonle Bassac River. The location, which is just 17 kilometers (10.6 miles) or about 20 minutes’ drive from Phnom Penh International Airport, will provide the hotel with expansive views of the city and the Royal Palace. Chroy Changvar Peninsula benefits from investments estimated at US$500 million by Singaporean company Teho International. Hotel Okura signed an agreement for a management contract to Okura Nikko Hotel Management Co Ltd.