MIC granted the project at a meeting held in Nay Pyi Taw on November 26. The company will implement the hotel project on a 3.9-acre plot of land using a Build Operate Transfer (BOT) system.
Meanwhile in Yangon, local company Max Myanmar Group is carrying out a Novotel Hotel project on 3.3 acres of land in Kamaryut Township. Another locally owned company, Taw Win Family Construction, is implementing the four-star Taw Win Garden Hotel project in Dagon Township. The Shwe Taung Development Company is preparing to launch office buildings, plus an international standard hotel, using the BOT system in Yangon Region. Other local companies have been approved for development by the Myanmar Citizen Investment Law in Yangon and Mandalay regions.
Local investment in the hotel and tourism industry reached more than Ks 433 billion by the end of October this year.
source: Eleven Myanmar