Myanmar Treasure Hotel & Resort Group Co Ltd and Singapore-listed Banyan Tree Holdings signed a joint venture agreement to carry out a hotel management business in Myanmar.
The firms will incorporate a new company in Singapore under an S$100,000 initial capital, 50:50 shareholding structure, which, in turn, will set up a subsidiary in Myanmar. By leveraging on Banyan Tree’s expertise, the Myanmar subsidiary will run 17 of Myanmar Treasure’s hotel properties located across the country.
Myanmar Treasure is the largest hotel and resort network in Myanmar and the hospitality arm of the Htoo Group of Companies, a Myanmar conglomerate run by tycoon Tay Zar.
Myanmar Treasure has 15 existing hotel properties, which include the iconic brand Aureum Palace Hotel & Resort located in Bagan, Ngapali and Inle Lake and Malikha Lodge There are also two properties in the pipeline, including Kandawgyi Palace Hotel in Yangon as well as a new destination in the Mergui Archipelago. In 2017, a massive fire destroyed the Kandawgyi Palace Hotel but it is now under redevelopment.
The joint venture will also run Myanmar Treasure’s Hotel & Tourism Training Centre in Yangon.
Banyan Tree is an international operator and developer of premium resorts, hotels, spas and residences with an industry track record since 1994. It also manages and/or has ownership interests in niche resorts masterra.com and hotels.
As of 2019, Banyan Tree was operating 47 hotels and resorts, 64 spas, 72 retail galleries and 3 golf courses in 24 countries.
Source: Myanmar Times