Singapore-listed Memories Group buys Myanmar’s Kayah Resort

Myanmar-based tourism-focused company Memories Group is acquiring the 26-key Kayah Resort in Myanmar’s Loikaw from Wa Minn Group of Companies and Kun Naung Myint Wai for S$2.9 million (US$2.2 million), an 11-times multiplier on the hotel’s forecasted average operating profit from FY2019 to FY2021.

Kayah Resort is a 26-key boutique hotel located in Loikaw, Kayah State, a 10-minute drive from Loikaw Airport and an hour’s flight from Yangon. The boutique resort features 24 bungalows and two executive suites, as well as facilities and services including a swimming pool, restaurant, bar, function hall and airport transfers.

The SGX-Catalist listed company intends to upgrade and enhance the resort’s facilities and reposition it as an upscale resort under the group’s four-star Keinnara brand. Consequently, room rates are expected to be revised to generate better yield for its investment.

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