16 May 2016
YANGON Myanmar’s Ministry of Hotels and Tourism has invited tenders to privatise two small government-owned hotels in Mrauk U, Rakhine State and in Pyin Oo Lwin, Mandalay Region.
Eleven Myanmar media reported the ministry announced the tender invitation last week.
There are two properties up for tender. The Mruak U Hotel, with 24 rooms, stands on a 5.54-acre plot, and Gandama Myaing Hotel, with five rooms occupies a 2.96-acre plot in Pyin Oo Lwin.
The ministry will hold a briefing, 5 May, to explain the bidding process. The application forms will be available on the following day, 6 May.
The purpose of the privatisation is to promote tourism, as private hotels are more likely to boost the economy than government-owned ones.
According to Directorate of Investment and Company Administration, domestic and foreign investment in the country’s hotels and tourism sector exceeded USD3 billion up until March this year.
Foreign investment amounted to almost USD2.5 billion in 63 projects, while private, domestic investment totaled USD620 million in 94 projects.
One foreign firm and 39 joint ventures have also invested in tourism related ventures in country.