17/5/2019 – Thailand’s leading hotel chain Centara International Management Co. Ltd has inked a memorandum of understanding (MoU) with local conglomerate Kaung Myanmar Association Group of Companies (KMA group).
The deal will see KMA Group pouring US$63 million in the development and renovation of six hotels located in Myanmar major cities, whereas Centara International Management will be in charge as the operator.
Work on the project is expected to begin this year and three new hotels will be built in Bagan and Than Daung while three existing KMA hotels in Inle, Nay Pyi Taw, and Taungoo to Centara will be renovated and reopened with the new branding.
Among the six hotels, Centara Paradise Inle Resort and Spa in Inle, Nyaungshwe Township, Shan state is slated to open by the end of this year.
All six hotels will operate under the upscale Centara and upper scale Centara Boutique Collection brands, marking Centara’s entry into one of the world’s fastest-growing tourism markets and enable the company to secure a major Myanmar foothold.
“Our partnership with KMA Hotels represents a significant milestone for Centara,” said Thirayuth Chirahviat, Centara’s Chief Executive Officer.
“We are looking forward to contributing to Myanmar’s development while providing travelers with more options to enjoy our Thai-inspired, international standard of hospitality across a variety of destinations.”
Centara International Management, that operates under Centara Hotels & Resorts, currently provides hotel management services, in addition to owning and operating hotels and resorts in Thailand under the Centara brand.
Centara’s portfolio includes 63 properties spanning across major Thai destinations plus the Maldives, Sri Lanka, Vietnam, Oman, and Qatar.
On the other hand, KMA Group with its headquarters in Yangon has operations across sectors including construction, real estate, tourism, agriculture, and shipping among others.
Currently, KMA Group operates eight hotels and resorts established across the country, some of which will be rebranded under ”Centara”.
On a similar development, Kaung Myanmar Aung Tourism Co Ltd that operates under KMA Group, in partnership with KZX Group (HK) Limited, will be developing a project in Mrauk U, a town well-known for its archaeological site in the northern Rakhine state.
Meanwhile, the group is also slated to undertake development in the agriculture sector.
This news is published on Reuters.