It said Wyndham Hotel Group plans to develop the five-star Wyndham Grand Yangon Royal Lake Hotel project on a 3.7 acre (1.5 hectare) site at the southern end of the lake.
The project is being developed under the company name Asia Myanmar Shining Star, an agreement among Yangon-based Asia Myanmar Consortium Development, Shining Star Investment from Hong Kong and Wyndham Hotel Group, the report said.
The development will form part of the Kantharyar Centre project, involving a 257-room hotel, residential tower with 132 apartments, office tower with 168 rooms as well as serviced apartments and a retail centre.
The agreement provides for Wyndham Worldwide to take over the management of the hotel and its serviced apartments, Octa Finance said.
Construction will take place in three stages, with phase one comprising the office tower and the second including the retail centre and serviced apartments. Phase three will involve completion of the hotel and residential tower.