BANGKOK, 16 May 2019: Centara Hotels & Resorts, Thailand’s leading hotel operator, and KMA Hotels Group, a subsidiary of Kaung Myanmar Aung (KMA) Group of Companies, have signed a Memorandum of Understanding to develop of six hotels located at some of Myanmar’s most popular tourist destinations, all to be managed under Centara brands.
Work on the project will begin later this year.
This project will see three of KMA Hotels’ existing properties located in Inle, Nay Pyi Taw, and Taungoo undergo refurbishment prior to reopening, and the development of three new hotels in Bagan and Than Daung.
The three new hotels are Centara Bagan River View Resort & Spa Kaytumadi Dynasty Bagan Resort, Centara Boutique Collection and Shwe Than Daung Resort, Centara Boutique Collection.
All six hotels will operate under the upscale and upper-upscale Centara and Centara Boutique Collection brands. The Centara Paradise Inle Lake Resort & Spa will open its doors in Q4 of this year.
The deal marks Centara’s entry into one of the world’s fastest-growing tourism markets and enables the company to secure a major Myanmar foothold.
“Our partnership with KMA Hotels represents a significant milestone for Centara,” said Centara’s CEO Thirayuth Chirathivat. “It gives us the opportunity to establish a significant presence for Centara in a country with huge potential for tourism development, and we are looking forward to contributing to Myanmar’s development while providing travellers with more options to enjoy our Thai-inspired, international standard of hospitality across a variety of destinations.”
KMA Group of Companies is a privately held company founded and led by Chairman U Khin Maung Aye, Chairman of CB Bank. The Group comprises 15 corporate entities operating across a diverse range of industries.
“We are delighted that Centara will be bringing their management expertise and strong brand to six of Myanmar’s most popular destinations,” said KMA Group managing director U Kaung Htet Tun. “Myanmar shows great potential for tourism growth, and Centara’s presence here represents a step forward for the Hotel and Tourism industries.”
Myanmar is the second largest country in Southeast Asia and boasts one of the region’s fastest-growing economies. The country’s tourism sector is well-placed to grow at a rate of around 8.5% annually through 2025.
The six Myanmar hotels are examples of Centara’s expansion strategy, which calls for doubling properties under its management by 2022, and the complementing expertise of Centara and master developers KMA Group are set to elevate the Myanmar hospitality scene.