One of the most prestigious project is the conversion of the former railway headquarters, a beautiful colonial structure, into a hip deluxe five star property until 2015. The hotel will be operated by Hong Kong deluxe group Peninsula. At a cost of about US$350 million, the property will become a new iconic building for the former capital of Burma. The project foresees also another hotel complex (most probably four-star property) and a business centre.
According to the ministry’s press release in April, there are now over 960 hotels in the country among which 40 hotel buildings are foreign investments worth US$ 1.7 billion.
Mandalay Region leads other cities and tourist destinations in Myanmar with 302 new hotels approved followed by the Yangon region with 238 new properties approved, according to data from Ministry of Hotels and Tourism. Many hotels are situated in popular cultural zones and tourist attractions with 90 % of all hotels in Mandalay, Yangon, Ayeyawady, Bago regions, Shan State and Rakhine State.
The Ministry estimates that the country should offer a total of 37,024 rooms by the middle of the year. Local investment in hotels and tourism is up by US$ 526.79 million by March 2014.
source: Travel Daily News