Thailand’s leading hotel chain Centara International Management Co Ltd has signed a memorandum of understanding (MoU) with local conglomerate Kaung Myanmar Association Group of Companies (KMA group) to renovate and develop hotels and resorts in major cities in Myanmar.
KMA group is putting in $63 million to revamp three of its existing hotels in Inle, Nay Pyi Taw and Taungoo, which will be Centara rebranded; besides building three new hotels in Bagan and Than Daung, according to a company spokesperson.
“Centara International Management will be in charge as the operator of the hotels and resorts,” added the spokesperson.
Centara International Management, that operates under Centara Hotels & Resorts, owns and operates hotels and resorts in Thailand and at the same time, provides hotel management services.
Centara’s portfolio comprises 63 properties spanning across major Thai destinations plus the Maldives, Sri Lanka, Vietnam, Oman and Qatar.
Yangon-headquartered KMA Group of Companies has operations across sectors such as construction, real estate, tourism, agriculture, and shipping, among others.
Construction in the Centara Paradise Inle Resort & Spa in Inle, Nyaungshwe Township, Shan state, is already over and the property is slated to open by the end of this year.
For other properties such as Centara Bagan River Resort & Spa; Kaytumadi Dynasty Bagan Bagan Resort, Centara Boutique Collection; and Shwe Than Daung Resort, construction work will begin in the next few months. Meanwhile, existing hotels such as Centara Royal Naypyitaw Hotel in Nay Pyi Taw and Centara Royal Kaytumadi Resort & Spa in Taungoo, Kayin State will be fully refurbished.
KMA Group, along with its associated companies including CB Bank, Golden Myanmar Airlines, Myanmar Microfinance Bank, CB Securities, CB Insurance, and Myanmar Telecom Network, is chaired by Khin Maung Aye. He is also the chairman of the Myanmar Investors Development Association.
Currently, KMA Group operates eight hotels and resorts established across the country, some of which will be rebranded under ‘Centara’.
On a similar development, Kaung Myanmar Aung Tourism Co Ltd that operates under KMA Group, in partnership with KZX Group (HK) Limited, will be developing a project in Mrauk U, a town well-known for its archaeological site in the northern Rakhine state.
Meanwhile, the group is also slated to undertake development in the agriculture sector.