Banyan Tree Holdings, through its subsidiary Banyan Tree Hotels & Resorts, has signed a joint venture agreement with Myanmar Treasure Hotel & Resort Group (Htoo Hospitality) to establish a hotel management business in Myanmar which will manage 17 hotels and resorts owned by the latter.
The initial management arrangement will involve 15 existing properties across Htoo Hospitality’s nine brands, such as Aureum Palace Hotels & Resorts, Myanmar Treasure Resorts and Malikha Lodge, as well as two that are in development – 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 joint venture 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.
Rooted in the Banyan Tree Holdings’ sustainability ethos of ‘Embracing the Environment, Empowering People’, the joint venture will also operate the Htoo Hospitality-owned hospitality school in Yangon currently known as Hotel & Tourism Training Centre. The school helps to elevate the local hospitality talent pool and provides more opportunities for locals to take steps towards a professional career in the hospitality industry.
Ho Kwon Ping, executive chairman of Banyan Tree Holdings, said: “As a leading independent global hospitality company, our Group has 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. This strategic alliance with the established Htoo Hospitality, Myanmar’s largest hotel and resort network, will accelerate the growth and reach of our brands as we elevate hospitality service to yet another level across the 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.”