3 firms get permits to operate hotel businesses

The Myanmar Investment Commission (MIC) has granted permits to three local companies to operate hotel businesses in Nay Pyi Taw, Kayin and Rakhine regions.

The three local companies are Max (Myanmar) Hotel Co Ltd to operate hotel servicing business in Nay Pyi Taw, Snow Diamond Co Ltd in Hpa-an Township, Kayin State, and Eden Hotels and Resort Co Ltd in Thandwe Towship, Rakhine State.

The permits were granted during the MIC meeting held on January 16 and the three companies will operate as local investment firms.

The number of licensed hotels, motels and guest houses in the country by the end of October 2014 is 1,076 – 37 with 1,153 rooms in Rakhine State and nine with 284 rooms in Kayin State, according to the Ministry of Hotels and Tourism.

According to Directorate of Investment and Company Administration, local business people’s investment volume in hotels and tourism sector is more than US$667 million.