Banyan Tree Holdings (through its wholly-owned subsidiary Banyan Tree Hotels & Resorts) and Myanmar Treasure Hotel & Resort Group Company (better known as Htoo Hospitality) announced the signing of a joint venture (JV) agreement for the formation of a hotel management business in Myanmar.
Launched in 2002 and built upon authentic Burmese culture and traditions, Htoo Hospitality owns and manages the largest collection of 15 hotels located across eight states and 11 destinations in Myanmar.
The JV shall initially be responsible for the management of the 17 hotels and resorts (15 existing properties and two in the pipeline) owned by Htoo Hospitality. These include the iconic brands Aureum Palace Hotels & Resorts (located at Bagan, Ngapali and Inle Lake), Myanmar Treasure Resorts and Malikha Lodge as well as projects under development such as Kandawygi Palace Hotel in Yangon and a new destination resort in the Mergui Archipelago.
Some of these properties will gradually be rebranded into either a jointly-developed new brand for the Myanmar market or a brand within Banyan Tree Holding’s brand portfolio. Under a long-term partnership, the JV envisions to become the top hotel management company in Myanmar, overseeing and managing hotels owned by third parties.
With the anticipated tourism boom in Myanmar, there will be strong demand for quality local hospitality talents. Ho Kwon Ping, executive chairman of Banyan Tree Holdings, said: “As a leading independent global hospitality company, we identified growth opportunities in Myanmar’s hotel management sector. With this head-start coupled with our hotel management expertise, we are mindful that this joint venture will open further opportunities for our group to enter key strategic sectors in this fast-flourishing country.”
U Tay Za, chairman of Htoo Group of Companies said: “By combining our hotel assets, some of the most beautiful properties in Myanmar, and Banyan Tree’s unmatched hotel management know-how, this strategic alliance will drive Myanmar hospitality to a whole new level and bring positive synergies and value to both partners, our employees and environment.”