From left, Luxury Business Group Chairman & CEO Daniel Mayran poses with Preah Sihanouk Gov. Mang Sineth, IHG Hotels & Resorts Vice President in Development Bryan Chan and Peninsula Bay General Manager Eddie Chua at an undisclosed location in Cambodia. Courtesy of Luxury Business Group

Luxury Business Group (LBG) joins Cambodia's Peninsula Bay project, a large-scale resort development plan in the country's coastline, the consulting firm said Wednesday in a press release. IHG Hotels & Resorts has also entered into the partnership with Peninsula Bay for the project. With some 6,600 properties across 111 countries, IHG Hotels & Resorts is a global hospitality giant owning 19 hotel brands including InterContinental Hotels & Resorts.

According to LBG, IHG Hotels & Resorts will debut its first InterContinental-branded hotel in Preah Sihanouk, Cambodia, also known as Sihanoukville, under the Peninsula Bay project. The hotel is expected to feature about 300 luxury rooms with signature dining venues, bespoke bars and a world-class spa with its unparalleled coastal views.

Under the deal, LBG is expected to foster a luxury shopping precinct to introduce global brands to the Southeast Asian country, adding it will establish Sihanoukville as a new nexus for high-end retail in the region.

"We are honored to collaborate with Peninsula Bay to pioneer Cambodia's first globally recognized luxury shopping experience," LBG Chairman & CEO Daniel Mayran said. "We look forward to introducing coveted international brands and elevating Sihanoukville as a prime destination for discerning shoppers from across the region and beyond."

The consulting firm also said that more than $40 million has already been allocated to the project, building not only the resort but also a theme park and aquarium.

The Cambodian government promised full support for the project. Preah Sihanouk Gov. Mang Sineth said the project will "enjoy robust backing from the government" while generating thousands of jobs and attracting millions of visitors annually once completed.

"Partnering with IHG and LBG allows us to deliver unmatched experiences in hospitality and retail," Peninsula Bay General Manager Eddie Chua said. "This development is a testament to our vision of blending luxury, innovation and Cambodia's natural beauty to create a destination like no other."

Established in 2009, LBG is a Seoul-based consulting firm specializing in the luxury and retail sector with about 300 industry experts who offer integrated solutions in a wide range of related businesses.