A Vietnam-based company will be investing US$300 million for a hotel and business complex in Yangon.
Sources at the Ministry of Hotels and
Tourism said Hoang Anh Construction & Development House Joint Stock
Company will be building the Hoang Anh Gia Lai Myanmar Centre, which
includes a world-class hotel with 414 guestrooms, meeting rooms and
other facilities, and a business centre with supermarkets, shopping
malls, restaurants, recreation centres, offices and apartments.
The Directorate of Hotels and Tourism
under the Ministry of Hotels and Tourism and Hoang Anh Gia Lai Myanmar
Company Limited which is a subsidiary company of Hoang Anh Construction
& Development House Joint Stock Company signed the contract on
December 18 at Amara Hotel in Nay Pyi Taw.
The project will be constructed in two phases, with the first phase to be completed in 2015 and the second one in 2017.
Foreign companies have so far invested in 782 hotels with 27,968 rooms and 21 guest houses with 3,770 rooms in Myanmar.
Foreign direct investments in hotels of international standards draw tourists and boost local economy.
Aung Din, an executive of Myanmar
Tourism Business Association, said the tourism industry has had
difficulty meeting the demand for hotel rooms and tour guides with the
rise of tourist arrivals in the country.
Since 2011, more foreign companies have been investing in the hotel, business and infrastructure sectors. Apart from
Vietnam, countries like Japan,
Singapore, Republic of Korea, Laos, China, Hong Kong, Russia, and
Belarus have shown interest in the country.
In a statement by the Ministry of Hotel
and Tourism, foreign investments in the hotel and business sector
reached $1 billion in 2011.
source: Eleven Myanmar
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