Myanmar Investment Commission has granted land concessions to two local companies to invest in hotel businesses in Mandalay Region – including the historic Bagan site – in the latest move to encourage local enterprises to invest in the hotel and tourism sector.
Win & Win Company was granted concession for 17 acres in Amarapura Township of Mandalay Region to run a hotel business under a Build-Operate-Transfer (BOT) agreement whereby the company will be expected to transfer the facility back to public administration after the concession has expired. Sanda Hotel has also been granted a nine acres land in Bagan Hotel Zone also to operate a hotel under a BOT concession.
Local investors have been invested more than $183.34 billion in hotel and tourism sector as foreign business also begin investing to cater for Myanmar’s growing tourism industry. The amount of foreign investment in Myanmar hotel and tourism sector is about $ 16 billion.
There are at least 750 hotels owned by Myanmar nationals across the country that provide 27,000 rooms. About 30 hotels with 5,207 rooms are being run by the foreign companies.
The government has approved eight foreign hotel projects which will provide an additional 7,850 rooms to cater for growing numbers of tourists visiting Myanmar.
Source: Eleven Media