Singapore listed Banyan Tree Holdings joint venture with Myanmar Treasure Hotel & Resort Group Co., Ltd to carry out a hotel management business in Myanmar

Myanmar Treasure Hotel & Resort Group Co Ltd and Singapore-listed Banyan Tree Holdings signed a joint venture agreement to carry out a hotel management business in Myanmar, according to a March 16 statement issued by Banyan Tree on the Singapore Exchange.

The firms will incorporate a new company in Singapore under an S$100,000 initial capital, 50:50 shareholding structure, which, in turn, will set up a subsidiary in Myanmar. By leveraging on Banyan Tree’s expertise, the Myanmar subsidiary will run 17 of Myanmar Treasure’s hotel properties located across the country.

Myanmar Treasure is the hospitality arm of the Htoo Group of Companies, a Myanmar conglomerate run by tycoon Tay Zar.

Myanmar Treasure has 15 existing hotel properties and two in the pipeline. It is the largest hotel and resort network in Myanmar, according to the statement. In 2017, a massive fire destroyed the Kandawgyi Palace Hotel in Yangon, one of the most iconic hotels under the Htoo Group.

The JV will also run Myanmar Treasure’s Hotel & Tourism Training Centre in Yangon. 

Banyan Tree is an international operator and developer of premium resorts, hotels, spas and residences with an industry track record since 1994. It also manages and/or has ownership interests in niche resorts and hotels. 

As of 2019, Banyan Tree was operating 47 hotels and resorts, 64 spas, 72 retail galleries and 3 golf courses in 24 countries.

(The Myanmar Times: https://www.mmtimes.com/news/singapores-banyan-tree-htoo-group-sign-hotel-management-jv.html )

​