146 new hotels opened in Myanmar in 2013 alone. Foreign investments result in higher demand for hotels and tourism-related businesses in Myanmar. While there was a new record of 4,000,000 visitors landing in domestic airports across Myanmar last year, $2 billion worth of investment has been made in tourism businesses and luxury hotels in Yangon.
Myanmar welcomed visitors at a massive increased rate, from 300,000 visitors in 2010 to about million tourists in 2013. The forecast is for 7,000,000 international tourists to enter Myanmar by 2020 and make it the travel industry’s newest star. Myanmar appeals to both western and eastern tourists. The nature, the pagodas, the parks and the unique culture, arouse the interest of tourists from around the world.
In 2012, the income from tourism increased 67% more than the year before. The total tourism income in Myanmar in 2012 was US$534 million compared to US$319 million in 2011. The most popular destinations in Myanmar are the cities of Yangon and Mandalay. Other well-known destinations are Bagan and Inle Lake. The demand for operators and travel agencies that can help tourists also continues to increase each year.
The number of licensed rooms has risen 22% since 2012, while other 10,000 hotels are expected to open this year. The Ministry of Hotels and Tourism of Myanmar has granted permission to build more than 923 hotels in late 2013.
The number of guesthouses and luxury hotels in Myanmar has reached 923 with six five-star hotels and 17 four-star hotels. Hotels are being built very fast especially in Yangon and Inle Lake: there are 232 in Yangon, 77 in Bagan and 70 in Inle Lake. The tourist’s attractions and the beauty of the beaches have made investors to build new international luxury resorts on four islands over the next four years.
The tourism sector in Myanmar is very interesting for investors. There is a high demand for hotels and other tourism-related businesses from increasing number of international investors. Many foreign investors have inquired about the developments in resources, transportation and hotels.
$2 billion worth of investment has been made in hotels and tourism-related businesses. Most of the investment was in both luxury hotels in Yangon and small businesses such as guesthouses or shops for tourists. Foreign hotel groups invest in Myanmar luxury hotels, while local entrepreneurs open smaller accommodation for tourists. Accor, one of the leading hotel operators, will open six new hotels in Yangon over the next three years. In addition, they are planning to make other investments in Myanmar’s hotel industry.
Both Asian and European countries have already expressed their interest in Myanmar\’s tourism businesses. Thailand, Singapore and Japan are the major investors in the industry, while at the rest of the top\’s list are Vietnam, Hong Kong, Malaya and the UK. The United Arab Emirates has also made investments in Myanmar’s tourism industry.
Singapore alone has invested nearly US$700 million in new projects. Seven countries have invested more than US$1.7 billion in the hotel industry. Most five star hotel in Yangon are owned by foreign investors and business people. So far, Myanmar Investment Commission has granted US$2 billion for hotels and tourism-related businesses.
4,000,000 visitors landed in domestic airports across Myanmar last year. Yangon airport received over 2.4 million international visitors in 2013. Myanmar is expected to reach 3,000,000 visitors this year, mostly from France, Germany, Thailand and South Korea.
As Myanmar tourism industry is developing, tourism-businesses has become booming with an annual increase of travelers\’ entry. The growth\’s potential for global hotel operators attracts more international investors to Myanmar’s hospitality sector.
About the Author
The Strand Yangon is one of Southeast Asia’s grand colonial hotels and still one of its most awe inspiring.This luxury hotel in Yangon will remind guests of times gone by.