YANGON, 16 March 2020 – 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”).
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 brand Aureum Palace Hotel & Resort (located at Bagan, Ngapali & Inle Lake), Malikha Lodge, Under Development projects of Kandawygi Palace Hotel in Yangon as well as a new destination 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 HH owned hospitality school in Yangon currently known as Hotel & Tourism Training Center to elevate the local hospitality talent pool and provide 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 and knowhow, 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.”
Banyan Tree Holdings Limited (“Banyan Tree” or the “Group”) is one of the world’s leading independent, multi-branded hospitality groups. The Group’s diversified portfolio of hotels, resorts, spas, galleries, golf and residences is centered on five award-winning brands (Banyan Tree, Angsana, Cassia, Dhawa and Laguna) that offer exceptional design-led experiences for global travellers of today and tomorrow.
Founded in 1994 on the core concept of sustainability, Banyan Tree Holdings seeks to create long-term value for all stakeholders and destinations across its network of properties, products and brands, through a purpose-driven mission. With 11,000 associates across 24 countries, Banyan Tree Management Academy (BTMA) was established in 2008 to support the Group’s goals through advancing people development, management excellence, and learning with integrity and meaning.
Banyan Tree Holdings has received over 2,611 industry awards and accolades since inception. It has also received recognition for its commitment to environmental protection and community development through its Banyan Tree Global Foundation (BTGF), which aligns the Group’s efforts to the UN Sustainable Development Goals.
Executing on its regionalised growth strategy, the Group’s global footprint continues to grow with 46 hotels and resorts in the pipeline as of 31 December 2019.
Officially known as Myanmar Treasure Hotel & Resort Group Company Limited, Htoo Hospitality is the hospitality division under the HTOO Group of Companies, a Myanmar holding company established in 1990 with diversified businesses in trading, construction, aviation, hospitality, agriculture, production, financial services, lifestyle and entertainment, and F&B sectors.
With Myanmar’s largest hotel and resort network of 15 properties, the Group aims to achieve sustainable value-driven growth through the provision of top quality, high value accommodation and hospitality services, while contributing to local social and economic development in an environmentally responsible manner.