A local company will soon build and operate a 500-room four-star hotel in Yangon, the commercial hub of Myanmar, according to the Myanmar Investment Commission (MIC).
Taw Win Family Construction was allowed to build the hotel on Pyay Road upon MIC’s approval.
Local businessmen have been continuously investing in the hospitality industry since early this year. MIC has already allowed another five hotel projects in Yangon and Mandalay regions, in accordance with the investment law.
Another locally owned four-star hotel was opened in Yangon in early September. By the end of August, local businessmen had already invested K192 billion in the hospitality industry.
According to the Ministry of Hotels and Tourism, Myanmar has 834 hotels across the country. In Yangon Region, there were 213 hotels and 9,294 rooms—including six four-star hotels—by the end of February.
Source: ELEVEN Media