Nov 28, 2014

Investment in hospitality sector soars

As of October 2014, there are 1,076 hotels throughout Myanmar, and two-thirds of them are in Yangon, Mandalay and Shan State, according to Ministry of Hotels and Tourism.

Mandalay Region has the largest share with 329 hotels, followed by Yangon with 279 and Shan State, 200.

Types of hotels in Myanmar vary. Some are funded by foreign direct investment, others are joint-ventures with domestic companies, some are government-owned buildings leased to private entrepreneurs and others are privately owned by locals.

There are 31 hotels operated by foreign owners in Yangon, Mandalay, Bagan, Kawthoung, Techilek and Myeik.

Local tycoons have invested over US$667 million into the tourism sector as of July, and foreign companies have invested $2 billion as of October, according to the Directorate of Investment and Companies Administration.

The Myanmar Investment Commission gave green lights to two local companies through build-operate-transfer system in October: Know The Truth Group Co Ltd to operate a world-class hotel in Hotel Zone 3, Ngwesaung Township, Ayeyawady Region, and Imperial Place Hotel Co Ltd to operate a five-star hotel in Hotel Zone 4, Nyaung-U Township, Mandalay Region.

Source: Eleven Weekly Media

 
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