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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 JLL. The Yangon Hotel Market Update highlights the huge opportunity present to investors and operators looking at the market as 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.
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20 May 2014