May 8, 2015

Hotel investment reaches US$2.7bn

Foreign investment in the hotel sector has reached US$2.7 billion, Htay Aung, minister for hotels and tourism, said at a cooperation signing ceremony between Hoang Anh Gia Lai Myanmar and the Spain-based Melia Hotels International.

“There are 47 hotels receiving foreign investment,” he said.

Hotel investment is largely coming from Singapore, Vietnam, Thailand, Hong Kong, Japan, Malaysia, the UK, Luxemburg and the UAE. There are other joint-venture operations with domestic businesses.

The hotel sector is booming with the increase in tourism.

Myanmar investment in the sector was Ks55 billion (US$55 million) in 2011 and the amount increased to Ks600 billion in 2014.

The Myanmar Investment Commission and the Hotels and Tourism Ministry are getting more hotel, motel and guesthouse proposals, according to Aung Zaw Win, the director general of the ministry.

Both the domestic and foreign investment in the sector is expected to top US$3 billion in 2015.

A Myanmar Tourism Master Plan, which aims to promote Bagan, Inle Lake, Mrauk-U, Yangon and other popular tourist destinations, is being developed.

Myanmar received 3.5 million visitors and generated more than US$1 billion last year, according to the ministry.

Source: Eleven Weekly Media