Nyi Nyi ®
Myanmar companies ramping up tourism industry
MOTOKAZU MATSUI, Nikkei staff writer
Another Myanmar conglomerate, Eden Group, acquired Sedona Hotel Mandalay in Mandalay, northern Myanmar, in October for about $40 million from Keppel Land, a conglomerate in Singapore.
Eden has been operating hotels in Naypyitaw, Myanmar's capital, and other places including Ngapali under a partnership with the Hilton Group of the U.S. since 2014. The acquisition has given Eden a beachhead in Mandalay, a resort city that has many Buddhist temples.
Sheraton Hotels and Resorts, which belongs to Marriott International of the U.S., and Pullman Hotels and Resorts under the wing of France's AccorHotels Group plan to open hotels with more than 300 guest rooms, starting in 2017.
Luxury hotels in Yangon had a total of around 4,300 guest rooms as of the end of June, up about 1.5 times from three years earlier, said Colliers International, a U.S.-based commercial real estate services organization.
As a result, the occupancy rate of hotels in the city has fallen below 50% from a peak of 70-80% in 2012, while accommodation fees per room have dropped to around $120 from the $200 to $250 range.
Compared with major cities in Southeast Asia such as Bangkok and Jakarta, however, Yangon still faces a shortage of hotels. Middle-grade and budget hotels will likely continue to open as well.
Read full article on Nikkei Asian Review
Nansein Than
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