Lotte Hotel Yangon, to be operated on commission by Lotte Hotel & Resorts, will open later this week as the company's eighth overseas chain, officials said Sunday.

South Korean retail giant Lotte will manage the new hotel for 20 years in contract with Daewoo Amara, in what will be the first five-star accommodation facility it operates on commission outside of the country.  The resorts firm has a similar arrangement for Lotte City Hotel Tashkent in Uzbekistan, which is a business hotel class. 

Lotte has been expanding its business abroad, diversifying its strategy to means other than direct investment to add more hotel chains. It currently has hotels in Moscow, New York, Guam and Hanoi in addition to Tashkent.

For the Yangon facility, the company had dispatched its services team from July to train the local staff.

"We will become the representative hotel of Myanmir through Lottel Hotel's quality service, the excellent location of the hotel, the largest banquet rooms and differentiated modern facilities," Shim Hui-seung, top manager of Lotte Hotel Yangon, said. (Yonhap)