Five-star hotel going up in Yangon
Myanmar’s construction giant Max Myanmar Group of Companies, one of the largest conglomerates in the country, has acquired a majority 60-per cent stake in the Pyay Towers project for $5.8 million, one of Yangon’s most prominent property developments, the Myanmar Times has reported.
A major part of the development, currently under construction and due to open by the end of 2013 will be a five-star hotel that will add 366 rooms to the under-supplied Myanmar hotel sector, including residential suites, penthouses, ballrooms, meeting rooms, conference rooms, coffee bar, cocktail bar, French style restaurant, swimming pool, fitness and spa and tennis court.
The luxurious addition to Myanmar’s commercial center will be named the Novotel Hotel (Yangon) and operated under French-owned Accor Hospitality, generating over 600 job opportunities for the tourism and hospitality sector.
The entire development, once complete, will consist of two 12-story buildings and a six-story building, including a shopping center, offices and apartments, in addition to the Novotel Hotel.
Myanmar currently has 30-foreign owned hotels currently in operation providing over 5,000 rooms, a volume that is projected to fall short to meet the growing demand of incoming visitors to the Southeast Asian nation. According to official statistics, there are currently 28,291 hotel rooms in Myanmar.
Five foreign-owned hotels are still under construction, and 1,145 more rooms will open after completion.
Of the current projects underway in Myanmar, foreign investment will have created over 6,700 hotel rooms once construction is complete.
Current investors in these new hotel projects are from Hong Kong, Japan, Malaysia, Singapore, Thailand, the UK and Vietnam.
Tourist arrivals from China, Japan, Malaysia, South Korea and Thailand are the highest, according to the statistics of Ministry of Hotel and Tourism.
[caption id="attachment_7040" align="alignleft" width="300"] Yangon's new luxury hotel will be operated under the Novotel brand[/caption] Myanmar's construction giant Max Myanmar Group of Companies, one of the largest conglomerates in the country, has acquired a majority 60-per cent stake in the Pyay Towers project for $5.8 million, one of Yangon’s most prominent property developments, the Myanmar Times has reported. A major part of the development, currently under construction and due to open by the end of 2013 will be a five-star hotel that will add 366 rooms to the under-supplied Myanmar hotel sector, including residential suites, penthouses, ballrooms, meeting rooms, conference...
Myanmar’s construction giant Max Myanmar Group of Companies, one of the largest conglomerates in the country, has acquired a majority 60-per cent stake in the Pyay Towers project for $5.8 million, one of Yangon’s most prominent property developments, the Myanmar Times has reported.
A major part of the development, currently under construction and due to open by the end of 2013 will be a five-star hotel that will add 366 rooms to the under-supplied Myanmar hotel sector, including residential suites, penthouses, ballrooms, meeting rooms, conference rooms, coffee bar, cocktail bar, French style restaurant, swimming pool, fitness and spa and tennis court.
The luxurious addition to Myanmar’s commercial center will be named the Novotel Hotel (Yangon) and operated under French-owned Accor Hospitality, generating over 600 job opportunities for the tourism and hospitality sector.
The entire development, once complete, will consist of two 12-story buildings and a six-story building, including a shopping center, offices and apartments, in addition to the Novotel Hotel.
Myanmar currently has 30-foreign owned hotels currently in operation providing over 5,000 rooms, a volume that is projected to fall short to meet the growing demand of incoming visitors to the Southeast Asian nation. According to official statistics, there are currently 28,291 hotel rooms in Myanmar.
Five foreign-owned hotels are still under construction, and 1,145 more rooms will open after completion.
Of the current projects underway in Myanmar, foreign investment will have created over 6,700 hotel rooms once construction is complete.
Current investors in these new hotel projects are from Hong Kong, Japan, Malaysia, Singapore, Thailand, the UK and Vietnam.
Tourist arrivals from China, Japan, Malaysia, South Korea and Thailand are the highest, according to the statistics of Ministry of Hotel and Tourism.
