Centara Signs MOU with KMA Hotels for Six Myanmar Hotels
Centara Hotels & Resorts, Thailand's leading hotel operator, and KMA Hotels Group, a subsidiary of Kaung Myanmar Aung (KMA) Group of Companies, have announced the signing of a MOU to begin the development and renovation of 6 hotels located at some of Myanmar's most popular tourist destinations, all to be managed under Centara brands. Work on the project will begin in 2019.
The deal marks Centara's entry into one of the world's fastest-growing 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's CEO. "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 destinations."
KMA Group of Companies is a privately held company founded and led by Chairman U Khin Maung Aye, Chairman of CB Bank. The Group comprises 15 corporate entities operating across a diverse range of industries.
"We are delighted that Centara will be bringing their management expertise and and strong brand to six of Myanmar's most popular destinations," said U Kaung Htet Tun, Managing Director of KMA Group. "Myanmar shows great potential for tourism growth, and Centara's presence here represents a step forward for the Hotel and Tourism industries."
Myanmar is the second largest country in Southeast 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% annually through 2025 puts Myanmar at the top of the world's fastest-growing tourism markets.
The six Myanmar hotels are further proof of Centara's expansion strategy, which calls for doubling the number of properties under its management by 2022, and the complementing expertise of Centara and master developers KMA Group are set to elevate the Myanmar hospitality scene.
About Centara Hotels & Resorts
Centara Hotels & Resorts is Thailand's leading hotel operator. Its 75 properties span all major Thai destinations plus the Maldives, Sri Lanka, Vietnam, Laos, Myanmar, China, Japan, Oman, Qatar, Cambodia, Turkey, Indonesia and the UAE. Centara's portfolio comprises six brands - Centara Grand Hotels & Resorts, Centara Hotels & Resorts, Centara Boutique Collection, Centra by Centara, Centara Residences & Suites and COSI Hotels - ranging from 5-star city hotels and luxurious island retreats to family resorts and affordable lifestyle concepts supported by innovative technology. It also operates state-of-the-art convention centres and has its own award-winning spa brand, Cenvaree. Throughout the collection, Centara delivers and celebrates the hospitality and values Thailand is famous for including gracious service, exceptional food, pampering spas and the importance of families. Centara's distinctive culture and diversity of formats allow it to serve and satisfy travellers of nearly every age and lifestyle.
Over the next five years Centara aims to become a top 100 global hotel group, while spreading its footprint into new continents and market niches. As Centara continues to expand, a growing base of loyal customers will find the company's unique style of hospitality in more locations. Centara's global loyalty programme, Centara The1, reinforces their loyalty with rewards, privileges and special member pricing.