A Myanmar hotel is a business of the past, a luxury hotel that is now the largest source of revenue for a struggling economy.
For the past five years, Myanmar has been battling the chronic corruption of the country’s political elite.
Its economy is teetering on the brink of collapse as its government continues to fight to survive in the face of a rising tide of refugees.
While the country has made some efforts to revive its economy in recent years, its hotel industry has been left behind.
The country’s hotel business is estimated at $7.2 billion in 2017, according to a new report by the World Economic Forum.
In the first six months of 2018, Myanmar’s economy grew at a 7.7 percent rate, but that was below the 8.3 percent annual rate that analysts had expected.
The slowdown has been driven by rising inflation and the weak currencies of neighboring countries.
At the same time, the government has been struggling to contain rising unemployment and other illnesses caused by the conflict that has torn through Myanmar for nearly a decade.
“Our economy is at the bottom of the barrel,” said K.W. Thangthap, chief executive of the National Hotel Association of Myanmar.
As a result, hoteliers in Myanmar, the country that has the world’s third-largest hotel market, have struggled to keep pace.
With prices rising faster than incomes, hotels have been forced to slash expenses, reduce staffing and shift operations.
They have also been forced into layoffs, and the result is lower profit margins, analysts said.
Demand for hotel rooms is not enough, either.
Hotel occupancy rates in Myanmar have fallen from 75.7% in 2017 to 75.5% in 2018, according the International Hotel Association.
But despite the challenges, Myanmar is determined to grow.
President Thein Sein has pledged to increase spending on infrastructure, including roads and power lines, and to make investments in new industries.
His government has also set ambitious goals for tourism, with an ambitious target of attracting 50 million foreign tourists in the next five years.
Yet Myanmar has a long way to go before that goal can be reached.
Even with an uptick in tourism, the population of Myanmar remains a fraction of that of China, where more than 100 million people visit every year, according a 2018 report by Beijing-based Institute of International and Development Studies.
And despite the government’s efforts to diversify the economy, hotel owners remain dependent on a narrow pool of investors, many of whom have invested heavily in the stock market.
This reliance on investors has led to a growing financial sector that has fueled the countrys economic problems.
Foreign investors are pouring into Myanmar to invest in hotels and other assets that could help boost tourism, but this has not led to real investment in the hotel sector, analysts say.
A government plan to build a $5.4 billion hotel terminal on the border with China has also been put on hold amid the crisis, as is a plan to diversified industries such as construction and energy.
Another major problem for the country is a glut of cheap Chinese labor, many from the country of 50 million, which has made it harder for domestic workers to compete.
So while many hotels have become profitable, demand has been growing for them, even as the country struggles to get the workers it needs.
Meanwhile, the hotel industry is struggling to keep up with rising demand.
The World Economic Foundation’s 2018 report pegged the number of hotel rooms in Myanmar at just 7.6 million.
There are about 1.5 million people in Myanmar who do not have a job, and most do not want to leave their homes.
The unemployment rate is above 15 percent.
Most of the hotel rooms that Myanmar rents to foreign guests are rented out to foreign workers, according an April report by The Associated Press.
About half of the people in the country who are unemployed are foreign workers.
Since 2017, more than a quarter of the workers who have been laid off have been from Myanmar.