SINGAPORE (May 30): Memories Group, the tourism-focused company based in Myanmar, is acquiring a boutique hotel in Loikaw, Kayah State, Myanmar, for US$2.9 million ($3.9 million) from the Wa Minn Group of Companies and U Kun Naung Myint Wai.

Named Kayah Resort, the 26-key boutique hotel comprises 24 bungalows and two executive suites, and is 10-minute drive from Loikaw Airport and an hour’s flight from Yangon.

According to Memories Group, the hotel enjoys an occupancy rate of about 60% during the high seasons between Oct and March. During the low season between April and Sept, its occupancy rate is at around 30%.

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