Memories Group has expanded its portfolio by acquiring the rights of several significant tourism developments at a cost of US$ 40.7 million, according to reports. An article in the Myanmar Times said the firm, which is a spin-off of Yoma Strategic Holdings, will develop Bo Ywe Island, Nga Mann Island and Kyun Pila Island, all of which are located in the Myeik Archipelago in Myanmar’s south. The report said the company will also develop the five-star hotel of Awei Pila on Kyun Pila. The company’s rapid expansion in the tourism market also includes a move into Mon State, after it acquired the 72-room three-star Hotel Suggati in the state capital Mawlamyine. The report added that Memories Group is planning to expand its sales and marketing operations to target travelers from Western countries, as well as those from Asia. Tourist operators in the country have begun targeting potential clients in Asia, as many western tourists remain reluctant to travel to Myanmar amid criticism of the government’s and military’s handling of the crisis in Rakhine State.

Are you interested in investing in Myanmar’s tourism industry? Contact us for our financial advisory services.