Nyi Nyi ®
The hotel market in Yangon is set to continue its record growth in 2014, following a 46 percent y-o-y increase in international visitor arrivals in 2013, according to the latest report from property management company JLL. Their findings indicate that occupancy for the upscale and luxury segments increased from 45.8 percent in 2009 to a record 80 percent in 2013.
The strong demand for international standard accommodation, which is predominantly driven by visitors from Thailand, Japan, China and Korea, is currently outpacing supply with less than a third of Yangon’s 9163 rooms considered to fit the criteria of International Standard. Despite this, there are signs that the imbalance is being addressed with 4,518 rooms expected to enter the market in the next five years, of which 95 percent will be international standard – more than doubling the supply in Yangon.
Andrew Langdon, Executive Vice President, Thailand and Indochina, JLL's Hotels & Hospitality Group said, “Recently unveiled plans from the Asia Development Bank coupled with the expansion of the existing international airport and the opening of a new airport near the city in 2018, means we don’t expect any let up in the growth of tourist arrivals to Yangon. With the majority of future supply concentrated towards upscale and luxury, this presents a strong opportunity for the mid-scale brands where the market remains relatively untapped.
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The strong demand for international standard accommodation, which is predominantly driven by visitors from Thailand, Japan, China and Korea, is currently outpacing supply with less than a third of Yangon’s 9163 rooms considered to fit the criteria of International Standard. Despite this, there are signs that the imbalance is being addressed with 4,518 rooms expected to enter the market in the next five years, of which 95 percent will be international standard – more than doubling the supply in Yangon.
The hotel market in Yangon is set to continue its record growth in 2014, following a 46 percent y-o-y increase in international visitor arrivals in 2013, according to the latest report from property management company JLL. Their findings indicate that occupancy for the upscale and luxury segments increased from 45.8 percent in 2009 to a record 80 percent in 2013.
The strong demand for international standard accommodation, which is predominantly driven by visitors from Thailand, Japan, China and Korea, is currently outpacing supply with less than a third of Yangon’s 9163 rooms considered to fit the criteria of International Standard. Despite this, there are signs that the imbalance is being addressed with 4,518 rooms expected to enter the market in the next five years, of which 95 percent will be international standard – more than doubling the supply in Yangon.