Thailand’s leading hotel operator, Centara Hotels & Resorts, has signed a Hotel Management Agreement (HMA) in Bangkok with KMA Group, a subsidiary of Kaung Myanmar Aung (KMA) Group of Companies, to manage a new KMA-owned hotel in Myanmar. The hotel, located in one of the country’s most popular tourist destinations, will be rebranded and managed under the Centara brand beginning this year.
95 keys KMA Inle Lake Central ResortLocated on the banks of Inle Lake in central Myanmar, it is planned to open in the fourth quarter of 2019.
We are very excited to move forward in partnership with KMA Hotels, one of Myanmar’s leading hotel companies. ” Thirayuth Chirathivat, Chief Executive Officer, Centara Hotels & Resorts. “This agreement enables Centara to establish a significant foothold in a country with significant growth potential in tourism, and to partner with KMA’s experienced management team.”
KMA Group of Companies is a private company founded and led by U Khin Maung Aye, Chairman of CB Bank. The group consists of 15 corporate entities operating across industries.
“We are delighted to add Centara’s strong brand and international management expertise to the new resort property,” said Khin Maung Aye, Chairman, KMA Group. “I am confident that Centara’s presence in Myanmar will help realize the full potential of the country’s tourism growth while ensuring the continued success of KMA’s hospitality and tourism businesses.”
Centara signed a memorandum of understanding with KMA earlier this year to manage six hotels and resorts in Myanmar. This new management agreement represents the completion of the first property transaction, with other properties closing soon.
Myanmar is the second largest country in Southeast Asia and one of the fastest growing economies in the region. Tourism in Myanmar is expected to grow at an annual rate of 8.5% through 2025, putting the country on the top of the list of fastest-growing tourism markets in the world.
The addition of Myanmar hotels is further evidence of Centara’s continued expansion strategy, and the combination of Centara’s expertise and KMA Group’s mastery in development will surely elevate Myanmar’s hospitality industry.
