Myanmar: JLL’s Hotels and Hospitality Group report in to the Yangon market has revealed a healthy serviced apartment pipeline.
JLL’s report also noted strong demand for the city’s existing developments, saying: “Most of the existing unbranded apartments are currently running at almost full occupancy indicating a strong long-stay demand in the market.”
The report says the Sebel Yangon Myat Min from Accor is expected to be the first internationally branded serviced apartment to enter the Yangon market in 2015. Other properties to open in Yangon include Shangri-La Residences (Phase 11) later this year; The Sebel Yangon Myat Min in 2015; Daewoo Serviced Apartments in 2016; Somerset Kabar Aye Yangon, HAGL Serviced Apartments, and Pan Pacific Serviced Apartments in 2018.
The Yangon Hotel Market Update indicates that across the whole hospitality sector, 4,518 rooms are expected to enter the city over the next five years, 95 per cent of which are in the upscale and luxury segments.
The report concluded: “Tourist arrivals to Yangon are expected to continue growing aided by the expansion of existing International Airport and construction of the new Hanthawaddy International Airport at Bago (80 km north of Yangon). The new airport is expected to start operations by 2018.”
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