Meliá Hotels International enters Myanmar and accelerates growth in Asia Pacific

Meliá Hotels International continues progressing with its global expansion strategy in Asia Pacific, a key growth market, where the Spanish leading hotel company's portfolio now stands at 24 hotels and more than 6,300 rooms. The Company has announced its entry into Myanmar with the signing of Meliá Yangon, a strategic project which will increase the Group's exposure in Southeast Asia.

The new-build hotel will be in a prime location in downtown Yangon next to Inya Lake and with fast access to the airport and the highway to the capital city. Meliá Yangon will feature 400 rooms, including the signature The Level rooms, a YHI spa, a variety of restaurants and a wide range of meeting facilities. The project will be developed by Hoang Anh Gia Lai Myanmar, the leading real estate company in Vietnam. The hotel will be part of a mixed-use complex including office buildings, apartments and a commercial center.

During the signing ceremony, Melia Hotels International's Vice President Asia Pacific, Bernardo Cabot, stated: "Meliá Yangon represents a new milestone for our committed growth in Asia Pacific and we are eager to bring our most international brand to Myanmar, thanks to the confidence and support of our partner HAGL. This outstanding hotel will boost our brand awareness within the region, and I'm sure it will be the opening door to get into other destinations within the country".

Myanmar experienced growth of gross domestic product of 6.7 % in 2014 and the country's tourism income showed startling year on year growth, recording a 67% increase in earnings in 2012. Myanmar is also one of the wealthiest countries in Southeast Asia in terms of natural resources with bountiful supplies of natural gas, oil, gemstones, lumber and teak wood.

Yangon is the former capital of Myanmar, and still remains the country's largest city and main economic hub. Since 2011, the country has been through a period of political, economic and social reform, including a tourism development plan aimed at improving competitiveness. In 2014, Myanmar recorded its highest ever number of tourists, with more than 3 million people visiting, mostly from Asian countries such as Thailand, China, Japan, Korea, Malaysia and Singapore. Airlines have expanded routes to both domestic and international destinations, leading to an increased flow of tourists and a greater number of hotels. The developing hotel market has seen double-digit growth in RevPAR since the start of economic liberalization measures in 2011, which has brought with higher foreign investment.