Prominent local tourism company Memories Group has acquired a 15.28 percent stake in Strand Hotel International Limited (SHIL), in a deal worth USD 3.19 million. The deal involved interests in three Yangon based hotels, as well as a well-known cruise, according to a report in Dealstreet Asia. SHIL controls three hotels in Yangon, namely Strand Hotel, Inya Lake Hotel and Hotel G Yangon, as well as The Strand Cruise. According to the article, Memories Group has entered into an agreement to purchase 1,969,636 shares in SHIlL, accounting for 15.28 percent of the company. “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,” Cyrus Pun, CEO of Memories Group was quoted as saying. He also added that he remained convinced of “the enormous tourism potential of Myanmar”. Memories Group, which is affiliated to Yoma Strategic Holdings, has several other business interests in Myanmar’s tourism sector, including Balloons over Bagan, Bagan Land and Hpa-An Lodge, a hotel in Kayin State.