The government has allocated land for foreign investors to build 100 hotels and for local investors to build 192 hotels at the new Tada-U Hotel Zone near Mandalay, officials at the Myanmar Tourism Federation said.
Foreign-invested hotels will be built on 236.5 hectares and hotels built by domestic investors will go on 410ha, the officials told the Myanmar Industrial Zones and Real Estate Development Forum last week.
The Tada-U Hotel Zone covers about 2,221ha and is expected to draw US$560 million in investment. It will be developed by Myanmar Tourism Development Co., Ltd., a company established by the federation.
Shopping malls will be built on 24.6ha while 13ha have been set aside for a banking and financial services zone. The project also includes bus stations, train stations, harbours, golf courses, vocational training schools, a night market, handicraft village, entertainment zone, and sewage treatment factory.