A total of 1,240 hotels and guesthouses have been licensed nationwide and 32 of them are implemented with foreign investment, according to the Ministry of Hotel and Tourism.
Most of the hotels in Yangon, Mandalay, Bagan, Kawthoung, Tachileik and Myeik are being developed with foreign investment.
Yangon has 317 licensed hotels and Mandalay has 375, as of October.
Citizens and foreign investors have applied for hotel licences from the Myanmar Investment Commission (MIC).
During a MIC meeting in September, two more hotel licences were permitted under citizens’ investments in Yangon and Nay Pyi Taw, and one foreign-invested hotel project in Tanintharyi Region was licensed.
Foreign investment volume, up until October in this fiscal year, has reached nearly US$2 billion in hotel sector in Myanmar, according to the Ministry of Hotel and Tourism.
Foreign investment consists of two parts with some foreign investments flowing directly into the hotel ministry and some to Region and State Governments. All investments totaled US$2.3 billion.
Foreign investment volume increased in hotel sector because of new investors from UAE, Vietnam and ROK (South Korea). Until now, Singapore tops foreign investment in Myanmar hotel sector.
Most foreign investors prefer doing joint venture with the private sector.There has been an increase in the number of hotels and guest houses run by local businessmen in the country. There are more than 1,000 licensed hotels including guest houses owned by local businessmen, according to the ministry.
Source: ELEVEN MYANMAR
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