Myanmar-based Memories Group has bought a US$3.2 million minority share in Strand Hotel International.
The investment gives the Singapore listed company stakes in the Strand Cruise, a 61m-long 25-cabin luxury ship operating on the Ayeyarwady River; and a trio of hotels including the landmark The Strand Yangon, the four-star Inya Lake Hotel in northern Yangon; and the modern Hotel G Yangon in Yangon’s city centre.
“The acquisition is in line with our plans to own, develop and/or operate more hotels and lodges so as to expand our hotel business segment,” said Memories Group CEO Cyrus Pun, adding that he remains convinced in Myanmar’s “enormous tourism potential”.
According to the country’s hotel and tourism ministry, Myanmar attracted some 3.6 million foreign visitors last year, a far cry from the 38.3 million tourists that neighbouring Thailand recorded.
Memories Group’s portfolio include sail operator Burma Boating; hot-air balloon flight company Balloons Over Bagan; and three recently-opened hotels in the country: four-star Awei Metta, Hotel Suggati, and Awei Pila in the Mergui Archipelago.