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October 20, 2009

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China is central to hotelier's growth

BANYAN Tree Holdings Ltd, a manager and developer of premium resorts, hotels and spas, said over the weekend that more than one-third of its new hotels to be added over the next two to three years will be located on China's mainland as it expands its presence in one of the world's fastest growing tourism markets.

The Singapore-listed company, which now runs three resort properties in Yunnan and Hainan provinces, is scheduled to open its fourth resort in the country in Hangzhou, Zhejiang Province, in December.

"Under the group's plan, of the 45 new Banyan Tree resorts and hotels in our global pipeline for the next two to three years, 18 properties will be located on the Chinese mainland," Ho Kwon Ping, founder and executive chairman of the group, told Shanghai Daily while attending the ground-breaking ceremony for Banyan Tree Shanghai Bund, a waterfront hotel along the city's Huangpu River.

"China will continue to take the central position in our growth strategy and is destined to be home to the largest number of Banyan Tree hotels and resorts around the globe."

The 130-room Banyan Tree Shanghai Bund, set to open in 2011, is a project in collaboration with local real estate developer Shanghai Pengxin Group and marks the group's first hotel foray in the city.

While it focuses on the development of resort properties globally, the company will also open city hotels which have become a vital component in the group's long-term strategy for growth.


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