Centara Hotels & Resorts and KMA Hotels Group have signed a memorandum of understanding to begin the development and renovation of six hotels across Myanmar.
The properties are located at some of the most popular tourist destinations in the country and will all to be managed under Centara brands.
Work on the project will begin this year.
This project will see three of KMA Hotels’ existing properties located in Inle, Naypyitaw, and Taungoo undergo refurbishment prior to reopening, along with the development of three new hotels in Bagan and Than Daung.
The new hotels are Centara Bagan River View Resort & Spa Kaytumadi Dynasty Bagan Resort, Centara Boutique Collection and Shwe Than Daung Resort, Centara Boutique Collection.
All six hotels will operate under the upscale and upper upscale Centara and Centara Boutique Collection brands.
The Centara Paradise Inle Lake Resort & Spa will open its doors in quarter four of this year.
The deal marks Centara’s entry into one of the world’s fastest-growing, and most controversial, tourism markets and enables the company to secure a major Myanmar foothold.
“Our partnership with KMA Hotels represents a significant milestone for Centara,” said Thirayuth Chirathivat, Centara chief executive.
“It gives us the opportunity to establish a significant presence for Centara in a country with huge potential for tourism development, and we are looking forward to contributing to Myanmar’s development while providing travellers with more options to enjoy our Thai-inspired, international standard of hospitality across a variety of destination.”
Myanmar is the second largest country in south-east Asia and boasts one of the region’s fastest-growing economies.
The country’s tourism sector is well-placed for a sustained period of growth; the country’s anticipated tourism growth rate of 8.5 per cent annually through 2025 puts Myanmar at the top of the world’s fastest-growing tourism markets.