Hundreds of additional hotel rooms have been unveiled in Myanmar in the past four months, through the addition of 59 new hotels, according to the Tourism and Hotels Ministry.
The ministry’s data showed that at the end of July, the number of hotels nationwide rose to 1,019, compared with 960 in March. The combined number of hotel rooms also rose from 37,482 to 38,722 in the corresponding period.
Most of them are located in Yangon and Mandalay, the most popular destinations for business and leisure travellers.
The latest data showed that of total hotels, 6 are five-star properties, 17 four-star, 83 three-star, 116 two-star and 102 one-star. The remaining 599 hotels, motels and inns approved by the ministry.
More locals are apparently enthusiastic in investing in five-star hotels, with investment proposals pending for the Myanmar Investment Commission’s approval. Much of the investment in the segment has been carried out by foreign investors. Several new projects are also introduced with foreign partnership.
According to the ministry, accumulated foreign investment in the industry has amounted to US$ 1.85 billion at the end of June. Cumulative local investment reached Ks 667 billion.
The ministry expects the investment momentum to continue, thanks to the growing number of visitor arrivals.
In the first five months of this year, visitor arrivals reached 1.2 million, in line with the official target of 3 million for the entire year.
Source: ELEVEN MYANMAR