Banyan Tree Holdings and Myanmar Treasure Hotel & Resort Group Company (known as Htoo Hospitality) have signed a joint venture agreement for the formation of a hotel management business.
Launched in 2002 and built upon authentic Burmese culture and traditions, Htoo Hospitality owns and manages the largest collection of 15 hotels located across eight states and 11 destinations in Myanmar.
With nine brands under four boutique collections, its two signature brands include the Aureum Palace Hotels & Resorts and the Myanmar Treasure Resorts.
The venture shall initially be responsible for the management of the 17 hotels and resorts (15 existing properties and two in the pipeline) owned by Htoo Hospitality.
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 venture envisions to become the top hotel management company in Myanmar, overseeing and managing hotels owned by third parties.
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.