Banyan Tree Holdings and Myanmar Treasure Hotel & Resort Group Company (known as Htoo Hospitality) have signed a joint venture agreement for the formation of a hotel management business.

Launched in 2002 and built upon authentic Burmese culture and traditions, Htoo Hospitality owns and manages the largest collection of 15 hotels located across eight states and 11 destinations in Myanmar.

With nine brands under four boutique collections, its two signature brands include the Aureum Palace Hotels & Resorts and the Myanmar Treasure Resorts.

The venture shall initially be responsible for the management of the 17 hotels and resorts (15 existing properties and two in the pipeline) owned by Htoo Hospitality.

Some of these properties will gradually be rebranded into either a jointly-developed new brand for the Myanmar market or a brand within Banyan Tree Holding’s brand portfolio.

Under a long-term partnership, the venture envisions to become the top hotel management company in Myanmar, overseeing and managing hotels owned by third parties.

Ho Kwon Ping, executive chairman of Banyan Tree Holdings, said: “As a leading independent global hospitality company, our group has identified growth opportunities in Myanmar’s hotel management sector.

“With this head-start coupled with our hotel management expertise, we are mindful that this joint venture will open further opportunities for our group to enter key strategic sectors in this fast-flourishing country.

“This strategic alliance with the established Htoo Hospitality, Myanmar’s largest hotel and resort network, will accelerate the growth and reach of our brands as we elevate hospitality service to yet another level across the country.

“We are excited and committed to this partnership.”