The hotel market in Myanmar's capital city Yangon is set for another year of record growth in 2014, according to property research firm Jones Lang LaSalle (JLL).
“Ever since Myanmar embarked on its journey to democracy in 2011, Yangon has seen an incredible improvement in hotel market performance as demand continues to outpace supply,” said Andrew Langdon, executive vice president of Thailand and Indochina for JLL's Hotels & Hospitality Group.
“Over the past 12 months we've seen a number of International hotel operators, including Accor and Hilton, take advantage of these conditions with key projects slated to open later in the year,” he added.
Thanks to the end of western sanctions in 2012, Myanmar has attained steady economy growth. Western countries had previously shunned Myanmar due to the government's heavy-handed treatment of its citizens, but changed their view following the election of pro-democracy leader Aung San Suu Kyi in 2011.