Banyan Group Continues Global Expansion, Unveils 19 New Hotels Opening in 2024

📍 Dubai · 👁 1318 reads

As a leading independently operated, multi-brand hotel group, Banyan Group continues to expand its global footprint, celebrating its 30th anniversary with milestone achievements and a thriving future.

Banyan Group currently operates 12 brands across 22 countries and regions.

[Singapore, January 11, 2024] Since its founding 30 years ago, Banyan Group has delivered extraordinary experiences to global travelers through its diverse portfolio of hotels, resorts, spas, residences, dining, and Gallery. To mark this milestone, the group's English name has officially changed from 'Banyan Tree Group' to 'Banyan Group,' reflecting its dynamic and forward-moving journey.

Since 2019, Banyan Group's brand portfolio has doubled, bringing its innovative spirit, design-driven experiences, and commitment to social and environmental responsibility to new destinations, including Banyan Tree AlUla in Saudi Arabia, Garrya in Kyoto and Cassia in Osaka (Japan), Dhawa in Ho Tram (Vietnam), Homm in Huzhou (China), and Banyan Tree Dubai in the UAE. In 2023, Banyan Group achieved impressive results with steady growth.

Multi-Brand Development: 19 New Hotels to Open in 2024

'Renaming the group innovatively on its 30th anniversary is not only a testament to our lasting success in the hospitality industry but also lays the foundation for future growth,' said Mr. Eddy See, President and CEO of Banyan Group. 'This rebranding reflects our evolution from a single luxury hotel brand into a multi-brand hotel group. In nearly half of the countries and regions where we operate, there are multiple hotel brands, most of which are high-growth tourist destinations. With keen market insights and unique brand positioning, Banyan Group is better positioned to meet the evolving needs of travelers and the market.'

Banyan Group currently operates 12 brands, 75 hotels and resorts, over 60 spas and galleries, and 14 residential projects across 22 countries and regions. In 2024, the group plans to open 19 new hotels and residential projects in countries including China, Japan, South Korea, Vietnam, Mexico, and Cambodia.

Highlights of the new openings include:

● The opening of Angsana Siem Reap marks Banyan Group's official entry into Cambodia;

● The upcoming Banyan Tree Higashiyama Kyoto will mark the brand's debut in Japan;

● Angsana Halong Bay, Garrya Mu Cang Chai in Vietnam, and Cassia Sokcho and Homm Sokcho in South Korea will further strengthen the group's multi-brand presence;

● Suzhou, approximately two hours from Shanghai, will see two integrated hotel projects: Banyan Tree and Angsana in Shishan, and Banyan Tree and Garrya in Yangcheng Lake;

● Angsana Tengchong will become the group's fifth hotel in Yunnan Province;

● In North America, Banyan Tree Veya Valle de Guadalupe will be the brand's first hotel in Mexico.

From left: Banyan Tree Higashiyama Kyoto, Banyan Tree Veya Valle de Guadalupe

2023: Record-Breaking Performance

Driven by the recovery of the tourism market, Banyan Group achieved breakthrough growth in 2023, with key regional indicators surpassing pre-pandemic levels in 2019.

Key 2023 metrics include:

● In September 2023, RevPAR grew 44% year-on-year and 27% compared to same-store in September 2019;

● Residential sales in the first three quarters of 2023 reached 90% of full-year 2022 sales, a record high;

● China became a major growth engine. In September 2023, RevPAR in China grew 49% year-on-year and 18% compared to same-store pre-pandemic in 2019. The number of operating hotels in the region expanded from 16 in 2019 to 25 in 2023, with 14 more in the pipeline to open within three years. Sustained growth is expected driven by a robust pipeline and strong hotel and residential demand both domestic and outbound;

● A repurchase agreement with Vanke Group was reached to optimize strategic decisions in response to market dynamics and enhance operational efficiency, further solidifying the group's position in the hospitality industry.

Banyan Group Created Extraordinary Experiences for Travelers at Global Destinations in 2023

From left: Banyan Tree AlUla, Banyan Tree Dubai, Garrya Nijo Castle Kyoto

Commitment to Sustainable Development and Differentiation

Meanwhile, Banyan Group continues to pioneer design-driven experiences, upholding its commitment to responsible governance and responsible travel, and leading the way in inclusive growth and sustainability.

'While celebrating our success over the past 30 years, we recognize that we cannot rest on our laurels,' said Ms. Ho Renrong, Senior Vice President of Brand and Commercial, Banyan Group. 'The core principles and values that have guided Banyan Group will continue to support our growth. We will spare no effort to drive positive change for society and the environment.'

In 2024, Banyan Group will align with the UN's climate science-based carbon targets to develop a comprehensive 2030 sustainability blueprint, upholding its founding philosophy of 'Embracing the Environment, Caring for Society' to promote harmonious environmental and economic development. Additionally, Banyan Group will launch pilot circularity projects to strengthen its commitment to advancing the hospitality industry's transition to regenerative practices.

Furthermore, Banyan Group will launch the extraordinary ecological integrated development project, Lakelands, in Phuket. Spanning 110 hectares, Lakelands will include a tropical rainforest park, over 10 kilometers of shaded skywalks, and six areas featuring orchards, lakes, lagoons, valleys, and forests, offering an immersive living experience.

Anniversary Celebrations with Innovative Experiences

During its 30th anniversary celebrations, Banyan Group will launch 'Beyond,' an online guide covering comprehensive well-being experiences, and 'withBanyan,' an experiential membership program that rewards travelers for participating, engaging, and taking action. A series of anniversary events will take place globally, including 11 pop-up business events, global guest activities, eight new fragrances inspired by the group's eight well-being pillars, and limited-edition commemorative gifts crafted with local communities.

About Banyan Group

Banyan Group ('Banyan Holdings Limited' or 'the Group') is a leading independently operated hotel group, committed to pioneering design-driven travel experiences and responsible travel. The group operates over 70 hotels and resorts in more than 20 countries, over 60 spas and galleries, and 14 residential projects. Its 12 distinct brands, including flagship Banyan Tree, are part of the loyalty program 'withBanyan.' Banyan Group consistently integrates its core values of 'Embracing the Environment, Caring for Society' into the development of the Banyan Global Corporate Social Fund and Banyan Management Academy, striving to be a practitioner of sustainable travel and enhance guest experiences.

Appendix – List of New Hotels Opening in 2024:

1. Angsana Suzhou Shishan, China (Q1 2024)

2. Banyan Tree Suzhou Shishan, China (Q1 2024)

3. Banyan Tree Dongguan Songshan Lake, China (Q1 2024)

4. Laguna Lakelands Residences, Phuket, Thailand (Q1 2024)

5. Angsana Halong Bay, Vietnam (Q2 2024)

6. Banyan Tree Veya Valle de Guadalupe, Mexico (Q2 2024)

7. Garrya Mu Cang Chai, Vietnam (Q2 2024)

8. Homm Sokcho, South Korea (Q2 2024)

9. Cassia Sokcho, South Korea (Q2 2024)

10. Angsana Tengchong, China (Q3 2024)

11. Banyan Tree Higashiyama Kyoto, Japan (Q3 2024)