The Project Phase 2 of Sedona Hotel (Yangon) which is a 29-storied hotel is slated to finish in 2016, according to Singapore-based Keppel Corporation.
The project is being implemented in the compound of Sedona Hotel located on the corner of Kabaraye Phaya Road and Setmu 1 Road, Yankin Township under the Foreign Investment Law.
The Straits Greenfield Ltd, which applied to build theworld-class hotel, was granted permission on April 5 last year by the Myanmar Investment Commission (MIC).
Foreign investment in tourism sector hit US$2 billion with 1,076 hotels nationwide in which 31 are owned by foreign firms. Most hotels are situated in tourist destinations like Yangon, Mandalay, Bagan, Kawthoung, Techilek and Myeik, according to Ministry of Hotel and Tourism.
Similar projects for hotels and serviced apartments are being realised across the country with the approval of MIC.
Source: ELEVEN MYANMAR