Banyan Tree inks Myanmar joint venture
Luxury hotel group Banyan Tree has signed a joint venture to manage more than a dozen hotels across Myanmar.
It inked a deal with Myanmar Treasure Hotel & Resort Group, which is also known as Htoo Hospitality.
Htoo operates 15 hotels in 11 destinations across Myanmar under brands including Aureum Palace Hotels & Resorts and Myanmar Treasure Resorts.
The joint venture will manage the properties as well as two more in development.
Flagship brand Aureum Palace has hotels in Bagan, Ngapali and Inle Lake.
"We are committed to drive environmentally responsible growth and help position Myanmar tourism at a global level. This strategic alliance will drive Myanmar hospitality to a whole new level," said U Tay Za, chairman of Htoo Group.
Some of the hotels will be rebranded over time into a jointly-developed new brand or as part of Banyan Tree’s brand portfolio.
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