Banyan Tree has signed a joint venture agreement
with Myanmar Treasure Hotel & Resort Group (better known as Htoo
Launched in 2002 and built upon authentic Burmese
culture and traditions, Htoo Hospitality owns and manages a
collection of 15 hotels located across 8 states and 11
destinations in Myanmar.
With 9 brands under 4 boutique collections,
its two signature brands include the Aureum Palace Hotels &
Resorts and Myanmar Treasure Resorts.
The JV shall initially be responsible for the
management of the 17 hotels and resorts (15 existing properties
and 2 in the pipeline) owned by Htoo Hospitality.
the Aureum Palace Hotels & Resorts located at Bagan,
Ngapali (pictured) 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
Some of the 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.
The JV will also
operate the Htoo Hospitality-owned hospitality school in Yangon
currently known as Hotel & Tourism Training Centre.
U Tay Za, Chairman of Htoo Group of Companies
said: “We are committed to drive sustainable, environmentally
responsible growth and help position Myanmar tourism at global
level while maintaining a strong Myanmar cultural element in our
hospitality experience. 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. As in other sectors, our group of companies welcomes
foreign partners and is eager to make this a great success.”