Apr 30, 2013

British and Chinese joint venture to build a hotel in Yangon

Myanmar Investment Commission (MIC) approved on Wednesday a new hotel construction project in Mingaladon township which will be funded by UK and Chinese companies, according to a report of the Directorate of Investment and Company Administration.

Tristate Myanmar Co Ltd, a joint venture of British Virgin Island RS Broad Ease Limited from UK and Winner Wealth Limited from China, will set up a hotel and a serviced residence in Pyinmabin Industrial Zone in Mingaladon township of suburban Yangon, the report said.

This is the second hotel construction project MIC approved this month. Earlier on April 5, Straits Greenfield Ltd was approved to build a new hotel worth 80 million US dollars in the compound of Sedona Hotel (Yangon), one of the most famous hotels in the country.

Analysts said Myanmar tourism industry has potential to grow as the country will host South East Asian Games towards the end of this year and chair the Association of South East Asian Nations next year. They highlighted the requirement of sufficient infrastructure including hotels.

Source: Eleven Weekly Media