Rich Sedona feeling poorly

General

Rich Sedona feeling poorly

Reporter: Ai Zai

For years, Burma's largest hotel in Rangoon, Sedona Yangon, with 450 rooms, has been finding a hard time trying to make ends meet, according to sources coming from the capital.

The number of guest has been below expectations, resulting in $ 7.962 millions in expenditure against $ 3.9 millions in earnings for the 2002-2003 fiscal year alone.

In addition, the hotel is required to pay 5% of its annual income to the military government for the rent of land. "It has already accumulated $ 1.625 millions in debt to the government," according to an insider source, "which includes $ 0.28 million for 2002-2003 fiscal year and $ 0.37 million for the 2003-2004 fiscal year."

At present, the hotel has been trying to make up for its losses by renting out its rooms for meetings, lowering its rates and even doubling as a nightclub as well.

The $ 103.27 million Sedona was inaugurated on 18 September 1996, the 8th anniversary of the military takeover and heralding the Visit Myanmar Year 1996. It is located at the corner of the Kabar Aye Road and Industrial Street #1.