IFC lends $13.5 million to Myanmar hotel chain

Win Aung, chief executive of Amata Hotel Group, said the loan would help his company build new hotels in two of Myanmar’s biggest tourism destinations – historic Bagan and biodiversity-rich Inle Lake. 
“Providing a loan to a local firm is a way of supporting Myanmar’s economic growth. It will definitely provide employment opportunities for local residents, particularly women and youth,” he said.
Win Aung seems pretty proud to partner with IFC, part of the World Bank Group, for expansion of his business.
“We look forward to learning from IFC, tapping into its vast knowledge and expertise in the field, and elevating our business to a best-practice example in Myanmar’s growing tourism industry,” he said.
The new 144-room hotel in Bagan and 130-room hotel at Inle Lake will be developed in two phases. Both hotels will comply with IFC’s Excellence in Design for Greater Efficiencies Green Building Certification System, which will reduce energy, water, and material consumption by at least 20 per cent compared with similar buildings. 
The Inle project will also be aligned with conservation objectives of the lake.
In addition to building the two hotels, Amata Hotel Group plans to build more international-standard hotels in the Myeik Archipelago with the approval |of the Myanmar Investment Commission. 
Win Aung said he would introduce another hotel brand, Awinka, in the years to come.
“We will also open mid-range hotels in 10 different cities across Myanmar. Our target customers are both local and foreign visitors who want to enjoy good services at a reasonable price. These mid-range hotels will be operated under our new brand Awinka,” he said.
The hotel chain signed the agreement with IFC during a visit to Myanmar by the corporation’s executive vice president and CEO, Philippe Le Houerou, which ended on Tuesday. (October 25). 
Amata’s expansion will help address the acute need for quality hospitality infrastructure outside the commercial hub Yangon. International arrivals in Myanmar jumped from 800,000 in 2011 to more than 4 million in 2015, but the supply of quality tourist accommodation has failed to keep pace, Win Aung said.
Founded by Win Aung, the hotel chain opened its first hospitality venture, the Amata Resort and Spa in Ngapali Beach, in 2003. To date, the group operates four hotels and resorts across the boutique, premium, mid-market, and value segments. According to the World Bank, tourism plays a critical role in Myanmar’s economy, as it contributed $3 billion to the nation’s gross domestic product in 2014 and is predicted to grow 8.4 per cent annually until 2025. By then, the |sector will employ around 2 million people.