Myanmar Investment Commission has granted land concessions to two local companies to invest in hotel businesses in Mandalay Region - including the historic Bagan site - in the latest move to encourage local enterprises to invest in the hotel and tourism sector.
Win & Win Company was granted
concession for 17 acres in Amarapura Township of Mandalay Region to run a
hotel business under a Build-Operate-Transfer (BOT) agreement whereby
the company will be expected to transfer the facility back to public
administration after the concession has expired. Sanda Hotel has also
been granted a nine acres land in Bagan Hotel Zone also to operate a
hotel under a BOT concession.
Local investors have been invested more
than $183.34 billion in hotel and tourism sector as foreign business
also begin investing to cater for Myanmar's growing tourism industry.
The amount of foreign investment in Myanmar hotel and tourism sector is
about $ 16 billion.
There are at least 750 hotels owned by
Myanmar nationals across the country that provide 27,000 rooms. About 30
hotels with 5,207 rooms are being run by the foreign companies.
The government has approved eight
foreign hotel projects which will provide an additional 7,850 rooms to
cater for growing numbers of tourists visiting Myanmar.
source: Eleven Myanmar
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