this week it has acquired leased land to build a $23 million hotel in Myanmar, formerly Burma.

Mandarin Oriental, part of the Jardine Matheson group of companies, will own 25 percent of the venture, which will be a luxury hotel in the city of Bagan.

Bagan is surrounded by the ruins of one of Myanmar's former capitals. The Oriental (Thailand) has a 50 percent stake while Italthai Development Bangkok has 25 percent.

Mandarin Oriental will manage the 100-room hotel, due to open in early 1998.

The company signed a lease with the Myanmar government and construction should start within six months, said Bloomberg Business News service.

Trading in Mandarin Oriental shares shifted this year to Singapore from Hong Kong.