Cambodia is among several countries where a major hotel chain from the United Kingdom is planning to invest.
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According to a recent report in news website Hospitality Net, Yoo Hotels & Resorts is planning to build 20 hotels under its Yoo2 lifestyle brand in Cambodia, Vietnam, Thailand, Indonesia, Malaysia, and the Philippines.
Yoo Hotels is a noted leader in hotel design, brand, and marketing worldwide. It has 82 projects in 34 countries, including Brazil, India, Vietnam, Russia, the United States, Italy, Turkey, St. Vincent & Grenadines, Israel, Thailand, and Costa Rica.
The report noted that the massive investment is part of Yoo Hotels’ expansion in Southeast Asia. It already has a presence in Thailand and Vietnam where it has seven and two hotels, respectively.
It will be Yoo Hotels’ first venture in Cambodia.
There is still scant information regarding key details of the project like the number of hotels and their locations in Cambodia. But according to the report, the hotelier’s Southeast Asia expansion is slated for completion in three to five years.
It was also mentioned that the hotels will be built in key locations in the target countries, meaning that in Cambodia, it will probably be Phnom Penh, Siem Reap, or Sihanoukville.
Paul Dodd, who sits on the board of the British Chamber of Commerce in Cambodia (Britcham), yesterday told Khmer Times that he is happy to learn of Yoo Hotels’ plan to enter the Cambodian market.
“BritCham is very pleased to learn that Yoo Hotels has decided to expand into Cambodia. I think it demonstrates that Cambodia is showing itself as a real challenge to Vietnam and Thailand for the tourist dollar,” Mr Dodd said.
“We wish them every success and we will offer our assistance, wherever we possibly can. We encourage all businesses to consider Cambodia when choosing to invest in Asia,” he added.
The UK has substantial investments in Cambodia. BritCham counts nearly 80 members, mostly engaged in construction and real estate, insurance, education, accounting, banking, and other businesses. These include Grant Thornton, Jaguar, Land Rover, KPMG, Deloitte, PwC, Prudential, Hongkong Land, Standard Chartered Bank, and Jardines.