BANGKOK, 23 September 2019: Centara Hotels & Resorts and KMA Group, a subsidiary of Kaung Myanmar Aung (KMA) Group of Companies, signed off on a management agreement Friday for a new hotel in Myanmar owned by KMA.
The property, located at Inle Lake one of the country’s most popular tourist destinations, will be rebranded and managed under the Centara brand beginning this year.
The 95-key Centara KMA Resort Inle Lake is scheduled to open by the end of this year.
We are very excited to move forward in partnership with KMA Hotels, one of the leading hospitality companies in Myanmar,” said Centara Hotels & Resorts chief executive officer Thirayuth Chirathivat. “This agreement enables Centara to establish a significant foothold in a country with tremendous growth potential for tourism, and work with the highly experienced management team at KMA.”
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 of 15 corporate entities operating across a diverse range of industries.
“We are delighted to have Centara’s strong brand and international management expertise coming on board at the new resort property,” said KMA Group chairman Khin Maung Aye. “I am confident that Centara’s presence in Myanmar will contribute toward realising the country’s full potential for tourism growth while ensuring continued success for KMA’s hotel and tourism businesses.”
Centara signed an MOU with KMA earlier this year for the management of six hotels and resorts in Myanmar. This new management agreement represents the completion of the deal for the first of these properties with the others set to follow in the near future.
Myanmar is Southeast Asia’s second-largest country and boasts one of the fastest-growing economies in the region. Myanmar’s projected tourism growth rate of 8.5% annually through 2025 puts the country at the top of the world’s fastest-growing tourism markets.
The addition of a new Myanmar property is further evidence of Centara’s continued expansion strategy, and the combination of Centara’s expertise and KMA Group’s mastery of development are sure to elevate Myanmar’s hospitality sector.
Find out more about Centara at www.CentaraHotelsResorts.com
(Source: Centara Hotels and Resorts)