Banyan Tree Holdings and Htoo Hospitality Announce Formation of Joint Venture in Myanmar
Banyan Tree Holdings Limited (through its wholly-owned subsidiary Banyan Tree Hotels & Resorts) and Myanmar Treasure Hotel & Resort Group Company Limited (better known as Htoo Hospitality) today announced the signing of a joint venture agreement for the formation of a hotel management business in Myanmar (the “JV”). Launched in 2002 and built upon authentic Burmese culture and traditions, Htoo Hospitality owns and manages the largest 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 the 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. 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. Rooted in the Banyan Tree Holdings’ sustainability ethos of “Embracing the Environment, Empowering People”, the JV will also operate the Htoo Hospitality-owned hospitality school in Yangon currently known as Hotel & Tourism Training Centre to elevate the local hospitality talent pool and provide more opportunities for locals to take steps towards a professional career in the hospitality industry.
Under Htoo Hospitality’s Luxury Boutique Collection, Aureum Palace Hotels & Resorts is a premium hotel brand with exquisite properties located in scenic destinations of Bagan, Inle, Nay Pyi Taw, Ngapali, Ngwe Saung and Pyin Oo Lwin. The Aureum Palace Bagan, located within the UNESCO World Heritage Site of Bagan Archaeological Preservation Zone, features an expansive hotel set in 27 acres of tropical landscaped gardens adorned with artifacts and local arts. Set on the shores with unique seascape in the Shan Mountains, Aureum Palace Inle offers luxurious villas built over waters and shores at Inle Lake, one of Myanmar’s natural and cultural wonders.
As a Premier Boutique Collection of hotels, Myanmar Treasure Resorts is a hospitality chain known for its authentic Myanmar hospitality. Its name “Myanmar Treasure” is inspired by the round pillars of Myanmar’s finest teakwood that adorns each of its resorts. The properties are also located near its Aureum Palace sister properties.
Its Unique Boutique Collection features the exclusive Malikha Lodge set in Putao, north of Myanmar at the Himalayan foothills. Perched above Nam Lang River with views of snow-capped mountains and rice terraces, Malikha Lodge spells luxury seclusion amidst a wilderness setting – designed by famous architect Jean Michel Gathy.
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. We are excited and committed to this partnership. “
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.”