Cambodia hotel sector appeals to more foreign firms

• 26 July 2019
• Local News
• 3341 Views

In response to the economic growth and the increase in number of tourists, more and more international firms are eyeing hotel investments in Cambodia, especially within the luxury segment.

As forecasted by the Ministry of Tourism, Cambodia needs an additional 100,000 hotel rooms by 2028 of which 60, 000 rooms will be in the luxury segment.

Recently, several international hotel firms have announced their hotel investment plans in Cambodia, including the opening of the Yoo2 Lifestyle Brand of UK-based Yoo Hotels and Resorts as well as the Choice Hotels Asia-Pac.

Gaming and entertaining firm NagaCorp Ltd is also preparing to begin construction of its US$4 billion development project that will include more than 400 luxury hotels room. (Read more)

According to data from the Ministry of Land Management Urban Planning and Construction (MLMUPC), hotel investment ranked third in 2018 accounting to more than US$1.06 billion investment of the total US$5.7 billion investment.

As of 26 July, data from the ‘Cambodia Construction’ mobile application showed that MLMUPC approved a total of 15 hotel projects totaling more than US$144.69 million in investment value.

Clais Chenda, President of the Cambodia Hotel Association, said that Cambodia really needs more hotels to meet with the grow.

“We see that tourism growth continues to increase, but looking at infrastructure, such as accommodation, restaurant and new tourism products, it has not yet responded, so we need to do more and need more investment,” she said.

Recently Singapore-based company Lumiere Hospitality (LH) has opened its second hotel project in Phnom Penh adding 166 luxurious rooms to the market. (Read more)

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