In what looks set to become a latter day Hotel Le Royal the Traders Hotel in Rangoon is allegedly where the foreign journalist contingent find themselves housed. Or at least they did, until this afternoon according to The Irrawaddy,

Rangoon, 3:30 p.m.—Soldiers entered Traders Hotel, situated in the heart of Rangoon, near Sule pagoda, on Thursday and searched it room by room, according to sources. It was thought the soldiers were searching for foreign journalists suspected of reporting clandestinely on the crackdown. link

Meanwhile TIME Magazine has another approach to their lack of a foreign correspondent in country,

With foreign journalists locked out of the country by Burma’s military government, this dispatch was written by TIME staff based on eyewitness reports. link