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AP-Thai Business Group To Build Hot

Subject: AP-Thai Business Group To Build Hotel In Myanmar - Report

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Friday, December 10 5:04 PM SGT=20
Thai Business Group To Build Hotel In Myanmar - Report
YANGON, Myanmar (AP)--A Thai business group has signed an agreement with =
Myanmar's military regime to build a $20 million hotel resort at the =
northeastern border town of Tachilek, official newspapers reported =
Friday.=20
The 221-room resort is to be fully financed by the Allure Group Co. of =
Thailand. Under the terms of the contract signed Thursday, the Myanmar =
government will become the owner after 30 years.=20

It will be built in two stages over two years, the president of the =
Allure group, Upakit Pachariyangkun, was quoted as saying.=20

Tachilek, 550 kilometers (340 miles) northeast of Yangon, is one of =
three official checkpoints on the long Thai-Myanmar border, opposite Mae =
Sai in Thailand, in Southeast Asia's opium-producing Golden Triangle.=20

In the mid-1990s, a rash of hotels was constructed in Myanmar, =
especially Yangon, but occupancy has been poor and a hoped-for tourism =
boom failed to materialize amid calls for a boycott by the opposition =
led by Nobel Peace laureate Aung San Suu Kyi.=20

Critics of the regime allege that known drug traffickers have been =
allowed to launder funds through investment in hotels.=20

Foreign investment has ground to a near halt this year due to the =
knock-on effect of Asia's financial crisis and lack of transparency in =
government handling of investment.=20

Hotels and Tourism Minister Maj. Gen. Saw Lwin said the Allure resort =
would be the eighth hotel project by a Thai firm in Myanmar. Total =
investment from Thailand in the hotel business would now total $210 =
million.=20

Singapore leads investment in the sector, with $560 million in 11 hotel =
projects.=20


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<DIV><FONT face=3DArial size=3D2><B>Friday, December 10</B> 5:04 PM SGT=20
<H2><FONT size=3D4>Thai Business Group To Build Hotel In Myanmar -=20
Report</FONT></H2>YANGON, Myanmar (AP)--A Thai business group has signed =
an=20
agreement with Myanmar's military regime to build a $20 million hotel =
resort at=20
the northeastern border town of Tachilek, official newspapers reported =
Friday.=20
<P>The 221-room resort is to be fully financed by the Allure Group Co. =
of=20
Thailand. Under the terms of the contract signed Thursday, the Myanmar=20
government will become the owner after 30 years.=20
<P>It will be built in two stages over two years, the president of the =
Allure=20
group, Upakit Pachariyangkun, was quoted as saying.=20
<P>Tachilek, 550 kilometers (340 miles) northeast of Yangon, is one of =
three=20
official checkpoints on the long Thai-Myanmar border, opposite Mae Sai =
in=20
Thailand, in Southeast Asia's opium-producing Golden Triangle.=20
<P>In the mid-1990s, a rash of hotels was constructed in Myanmar, =
especially=20
Yangon, but occupancy has been poor and a hoped-for tourism boom failed =
to=20
materialize amid calls for a boycott by the opposition led by Nobel =
Peace=20
laureate Aung San Suu Kyi.=20
<P>Critics of the regime allege that known drug traffickers have been =
allowed to=20
launder funds through investment in hotels.=20
<P>Foreign investment has ground to a near halt this year due to the =
knock-on=20
effect of Asia's financial crisis and lack of transparency in government =

handling of investment.=20
<P>Hotels and Tourism Minister Maj. Gen. Saw Lwin said the Allure resort =
would=20
be the eighth hotel project by a Thai firm in Myanmar. Total investment =
from=20
Thailand in the hotel business would now total $210 million.=20
<P>Singapore leads investment in the sector, with $560 million in 11 =
hotel=20
projects. </P></FONT></DIV></BODY></HTML>

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