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Minor Hotels introduces Avani and Oaks brands to Yangon, Myanmar

Minor Hotels, a hotel owner, operator and investor, currently with a portfolio of more than 520 hotels in 53 countries, will debut its Avani and Oaks brands in Yangon, Myanmar, with the development of two hotels as part of a management agreement with Kajima Yankin, a wholly-capitalized subsidiary of Kajima Overseas Asia. Construction work has […]

Two tourism zones to be set up in Mandalay

Bids will be accepted for a project to set up two tourism zones in Mandalay Region to serve foreign visitors, said U Myat Thu, chair of the Tourism Development Committee. Kuthodaw Pagoda and Mandalay Hill will be designated as historical sites, and Inwa ancient city in Tada-U township will be designated an architectural attraction. Acceptance […]

Memories Group buys a stake in Yangon’s Strand

YANGON, 3 May 2019: Myanmar-based Memories Group has invested USD3.19 million in Strand Hotel International Ltd that operates three hotels and river cruise boat. The investment gives the company a minority share in the Strand Hotel, an iconic landmark on the Yangon waterfront, the four-star Inya Lake Hotel, a 27-acre lakeside property in northern Yangon; […]

Township Lawmaker Accuses Hotels of Spoiling Ngapali’s Natural Beauty

SITTWE—A proposal was submitted on Monday to take legal action against hotels encroaching on Ngapali Beach, in the Thandwe region of southern Rakhine State. Thandwe Township lawmaker Nai Kyue Aye submitted the proposal, saying that nine beachfront hotels—Aureum Palace Hotel, Jasmine Hotel, Amazing Hotel, Ngapali Paradise Hotel, Hilton Hotel, PVI Hotel, BT Bay Hotel, Memento […]

Memories Group to issue US$3m convertible bonds to buy stake in 3 Yangon hotels, boat cruise

CATALIST-LISTED Memories Group plans to acquire a 15.28 per cent interest in Strand Hotel International, which owns stakes in three Yangon hotels and a boat cruise, by issuing US$3.19 million in convertible bonds, the Myanmar-based tourism company said on Monday before the market opened. Memories entered into a share purchase agreement with Oakframe Investment and […]

Why is Serge Pun betting on tourism?

Tourism has borne the brunt of an economic slowdown and the international outcry over Rakhine, but one tycoon is feeling bullish about the industry. By BEN DUNANT | FRONTIER “TOURISM is low-hanging fruit in any country looking to develop,” says Mr Serge Pun, puffing on a cigar in the headquarters of Memories Group, a company […]

Govt Needs Hotels’ Consent to Raise Lease Rates, Mandalay Mayor Says

Mandalay Mayor U Ye Lwin told local lawmakers on Wednesday that the government could not raise lease rates on hotels that cut sweetheart deals with the previous administration without the hotels’ consent. At a session of the Mandalay Region Parliament, lawmakers raised questions about three hotels — Mandalay City Hotel, Hotel Mandalay and Minthargyi Hotels […]

Chinese businesses moving into Bagan

Chinese nationals are starting businesses in Bagan, buying or renting hotels and restaurants, since early this year, according to local tourism and restaurant businesses. The proposal to list Bagan as a UNESCO World Heritage Site, which was submitted in 2018, could be one of the reasons for the interest, according to the businesses. Chinese nationals […]

MAB launches wealth banking service as competition rises

Myanmar Apex Bank (MAB) has launched a special wealth banking and rewards programme – MAB Gold Wealth Banking – for high net worth individuals in Myanmar. For now, the platform is targeting those who have the cash to place a minimum fixed deposit of K300 million as potential clients. Interest rates for fixed deposits are […]

Dusit International signs to manage first ASAI-branded hotel in Yangon, Myanmar

Bangkok, Thailand – Dusit International, one of Thailand’s leading hotel and property development companies, has signed a hotel management agreement with Rich Mandalay Group of Co.,Ltd. to operate ASAI Yankin, one of the first properties to be signed under ASAI Hotels, Dusit’s new affordable lifestyle brand. Located in Yankin Township in the northern central part […]