Hong Kong-based Shangri-La International Hotel Management has announced an investment of US$115 million to build a 350-room Lakeside Shangri-La hotel near Kandawgyi Lake.
The hotel, which will be located near the Shangri-La residences that were opened recently, will be the second, after Traders Hotel, to be operated in Yangon by Shangri-La. The ground-breaking ceremony was held on December 8.
“We expect the second phase to be completed by late 2016,” said Kuok Koon Kwong, the director of Shangri-La Yangon.
Hotels and tourism minister U Htay Aung said he was confident that the investment for Lakeside Shangri-La hotel would be worthwhile as the tourist arrivals to Myanmar were increasing. “As of November this year, tourist arrivals are 82 percent up compared to last year,” he said.
“Foreign direct investment hotel projects like Emerald Rose Garden and Centre Point Tower, and local investment hotels like Taw Win Garden and Novotel, will open in the first quarter of 2014,” U Htay Aung added.
According to recent government data, although there are more than 200 hotels and guesthouses together offering more than 9000 guestrooms throughout Yangon, the city still faces an accommodation shortage for visitors.
Source: Myanmar Times