Cambodia’s Royal Group has been given the green light to build a $35 million hotel in Siem Reap, according to the state-run investment board.
The five-star hotel, to be named the Royal Angkor, is a wholly-owned subsidiary of the Royal Group of Companies, the company’s chairman and chief executive officer Meng Kith said Monday.
The Cambodian Investment Board approved the project late last month.
The proposed Royal Angkor is to be a three- to four-story complex on 5.1 hectares of land along the main road from the town to Angkor Wat, according to a company statement.
The hotel is to eventually have 385 rooms priced at $80, Meng Kith said. Construction on the first of two phases is expected to begin in the first quarter of 1999 and be completed by early 2000, he added.
The Royal Angkor would be Siem Reap’s second five-star hotel, after the Singaporean-owned Grand Hotel d’Angkor.
This is the Royal Group’s first business venture in the hospitality sector. Although the country’s tourism industry has yet to fully recover from the factional fighting in July 1997, Meng Kith expressed confidence that by next year Angkor Wat will again start drawing larger numbers of visitors.
Other Royal Group operations include a lottery and cellular phone operator MobiTel, a joint-venture partnership with the government and Sweden’s Millicom.
Several new hotel projects have been approved for the town but none have been completed yet and the most extravagant, by Malaysia’s YTL, never got off the ground.