IFC PROPOSES $6M FOR INLE RESORT EVEN AS RAKHINE CRISIS HITS NGAPALI TOURISM

Sanctum Inle Resort 

The International Finance Corporation (IFC) has proposed to extend a $6 million long-term investment for a luxury resort in Inle Lake, Shan State.

Sanctum Inle Resort is a five-star hotel with 97 rooms in Inle Lake, owned and operated by Sanctum Inle Resort Co. Ltd. The business has created over 130 jobs, mostly for members of the local community, The company is owned by Su Su Tin (90 percent) and U Than Toe Kyaw (10pc), her husband. Su Su Tin is a local entrepreneur in the tourism and hospitality sector and has founded and managed Exo Travel Myanmar, a joint venture tourism firm, and Annam Myanmar Group Co, an import and distribution company for retail products.

The 97-room hotel was established in April 2016 and has totaled US$20 million through a combination of bank loans, investor loans and equity. The project currently needs long-term funding. The IFC, a member of the World Bank Group, has proposed to invest $6 million in a long-term financing facility for the firm. The long-term capital for the project will replace the short-term loans and will optimise the balance sheet of the firm.

In contrast, tourism on the other side of the country is less buoyant.

Colliers International’s annual market report on Ngapali’s hospitality industry, released this month, concluded that political upheavals surrounding Rakhine State have taken a toll on the region.

“In 2017, hoteliers in Ngapali witnessed sluggish demand as foreign booking cancellations became noticeable,” the report stated. Average occupancy rate dropped by 11 percentage points in 2017, to 42pc but older developments had comparatively healthy occupancy levels. Colliers said the resilient performance of some resorts stems from repeat guests, seasoned travellers and local visitors. In addition, full-year average daily rates dropped across the board and in all room categories.

Read full article at The Myanmar Times: https://www.mmtimes.com/news/ifc-proposes-6m-inle-resort-even-rakhine-crisis-hits-ngapali-tourism.html

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