International Financial Corp (IFC) will lend $80 million to Shangri-La Asia Ltd for the expansion of the Traders Hotel and the construction of the Shangri-La Residences in Yangon, the Voice Daily reported, citing Vikram Kumar, resident representative of the IFC in Myanmar.
Shangri-La Asia has been facing acute shortage of hotel rooms due to a steep rise in tourist arrivals in Myanmar.
The 270-roomed Traders will have 485 rooms on completion of the expansion project, while the Shangri-La Residences will have 240 rooms, the daily said.
NOTE: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Yangon Newsroom; Editing by Anand Basu)