Colliers International -Before 2014 No Any Major Hotel Construction in Yangon
The boom in total foreign arrivals into Myanmar in 2012 is bumping into the lack of hotel rooms in the former capital Yangon as well as at main tourist destinations.
The boom in total foreign arrivals into Myanmar in 2012 is bumping into the lack of hotel rooms in the former capital Yangon as well as at main tourist destinations.
YANGON- While Myanmar is experiencing a boom in tourist arrivals (+35% for the first half year 2012), the shortage of hotel rooms is worsening as almost no new hotel has so far opened. According to the report of Colliers International Thailand over Myanmar’s property market for the second half of 2012, construction of hotels in Yangon is now at still stand. No new supply is scheduled to be completed in 2012, due to one hotel in the Downtown Area rescheduling its completion date to 2013. Two other hotels are in the pipeline and are expected to be finished in 2014 in the Inner City Area. According to Colliers International Thailand, the downtown, inner city and outer areas of Yangon have a total of 1,730 upscale hotel rooms, three times less than Bangkok city center.
The property market in the country encounters however weaknesses which generates difficulties for foreign investors desiring to move into the country. One of the biggest difficulties is the implementation of a new legal frame for investors. New laws on private investments have been voted early November 2012 but more steps will be necessary to ensure a complete transparent business environment. Under the new law, foreign investors can lease land from the government or from authorized private owners for up to 50 years, depending on the type and size of the investment, and the deal can be extended twice, for 10 years each time. Foreign companies can also benefit from tax exemption for a period covering the first five years of operation.
Myanmar now has about 25,000 hotel rooms across the country. Most are three- to four-star establishments, while five-star ones account for 5 per cent.
Myanmar now has about 25,000 hotel rooms across the country. Most are three- to four-star establishments, while five-star ones account for 5 per cent.
Posted By SEO Analyst Dinesh
Myself i am Dinesh Arulmani, SEO Analyst. Specializes in SEO and SMO. Love to learn new things in SEO. And i have various travel related blogs for guest posts as well as link exchange. If you are interested in sending a guest post with unique content to us. Feel free to Mail me. Anyone can connect me on Google+ Have a Nice Day. Cheers!!!
Thank You
0 Responses So Far:
Post a Comment