Ministry reports hotel expansion

Myanmar’s Ministry of Hotels and Tourism believes the room shortage is easing in the main tourist destination as there are now more than 1,000 hotels in the country with two-thirds of them located in Yangon, Mandalay and Shan State.

Eleven Myanmar news reported Mandalay region has the largest share with 329 hotels, followed by Yangon with 279 and Shan State, 200. Overall there are 1,076 registered properties.

New hotels are funded by foreign direct investment, mainly joint ventures with domestic companies, while there are a few that are using government-owned buildings leased to private entrepreneurs.

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

Local tycoons have invested over USD667 million in the tourism sector and foreign companies have invested USD2 billion as of October, according to the Directorate of Investment and Companies Administration.

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

Source : TTR Weekly