Wednesday 12 June 2013

Marriott hotel chain eyes to invest in Myanmar

US-based Marriott International Inc, the largest publicly traded U.S. hotel chain, is preparing to operate hotel business in Myanmar, according to the Bloomberg Business weekly.

The group expects to seal its first agreement for a property in Myanmar in the next six months as the country opens its doors to foreign investors. Discussions are underway to open more hotels in major destinations including Yangon and Bagan.

“The company’s first hotel in the Southeast Asian nation will be likely to be a Marriott or Courtyard,” said Simon Cooper, the Asia-Pacific President and Managing Director.

“Marriott is seeking investments in Myanmar as President Thein Sein allows more political freedom and relaxes economic restrictions since coming to power two years ago,” he added. 

Marriott International Inc. was founded by J.Willard Marriott in 1972 and opened its headquarters in Bethesda, Maryland of the United States of America. Marriott is currently listed on the New York Stock Exchange and has more than 3,800 properties in over 74 countries and territories around the world.

Best Western International Hotel Groups has already agreed to operate its business in cooperation with Green Hill Hotel in Myanmar. Currently there are 808 hotels providing 29,419 rooms across the country and most of them are located in Yangon and Mandalay, according to the Ministry of Hotels and Tourism.

Thirty hotels are operating with foreign assistance with over US$1.4 billion of foreign investment entering the country. Singapore is currently the biggest investor in Myanmar. Singapore, Thailand, Japan, Hong Kong, Malaysia as well as the UK and Vietnam are now operating hotel industries and construction projects across the country.

Most tourist arrivals to Myanmar come from Thailand, China, Japan, South Korea and Malaysia according to the Ministry of Hotels and Tourism.

source: Eleven Myanmar

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