Singapore, 11 January 2024: Banyan Tree Group is evolving its corporate umbrella brand from “Banyan Tree Group” to “Banyan Group”. This brand shift reflects the Group’s evolution into a dynamic, multi-brand hospitality powerhouse.
Since 2019, the Group has doubled its brand portfolio, bringing its pioneering spirit, design-led experiences, and purpose-driven mission to new destinations, including Banyan Tree AlUla in Saudi Arabia, Garrya in Kyoto, and Folio in Osaka, Japan, Dhawa in Ho Tram, Vietnam, Homm in Huzhou, China and Banyan Tree Dubai in the United Arab Emirates. 2023 also marks a year of strong and steady business performance that has surpassed pre-pandemic levels.
Multi-brand Growth Continues in 2024 With 19 New Openings
“As we celebrate the Group’s 30th anniversary and its evolution into Banyan Group, this milestone is not only a testament to the Group’s enduring success in the hospitality industry but also sets the stage for an exciting future,” said Eddy See, President and CEO of Banyan Group. “This brand evolution reflects our portfolio transformation from a single luxury brand to the diverse offering we have today. Almost half of all countries we operate in carry a multi-branded presence, most of them high-growth travel destinations. With a keen eye on expansion, we are seizing new opportunities with our distinct brands, designed to meet evolving traveller preferences and needs in these dynamic markets.”
Banyan Group currently manages 12 global brands, 75 hotels and resorts, over 60 spas and galleries, and 14 branded residences across 22 countries. As part of a robust pipeline of properties, the Group’s expansion in 2024 will include 19 new properties and residences in Cambodia, China, Japan, South Korea, Vietnam, and Mexico.
Record-Breaking Business Performance in 2023
The robust growth slated for 2024 has been driven by a resilient recovery post-Covid, surpassing pre-pandemic metrics across various regional markets. Key 2023 metrics include:
- Hotels achieved higher RevPAR, up by 44%, in 9M2023 compared to 9M2022, and also surpassed the pre-pandemic performance by 27% as opposed to 9M2019, on a same store-store basis.
- Residence sales for 9M2023 reached 90% of the full-year sales in 2022, which was the best year on record.
- China has proven to be a strategic driver, with a remarkable +49% increase in RevPAR 9M2023 compared to the same period last year, and +18% increase in RevPAR compared to pre-Covid level in 2019 on a same-store basis. The operating footprint has expanded from 16 in 2019 to 25 properties in 2023, with 14 more in the three-year pipeline. Continued growth is anticipated, driven by a healthy opening pipeline and the strength of the domestic and outbound Chinese market in both residences and hospitality
- The recent buyback deal with China Vanke further strengthens the Group’s position as a key player in the hospitality industry by streamlining strategic decision-making in response to market dynamics and enhancing day-to-day operational efficiency.
New Sustainability Commitments and Deepened Differentiation
Simultaneously, the company has maintained its pioneering spirit and commitment to both design-led experiences and a purpose-driven mission of stewardship and responsible tourism, making it a trailblazer for inclusive growth and sustainability.
“As Banyan Group celebrates our collective success over the last 30 years, we also recognize that the progress can’t stop here,” said Ren Yung Ho, Senior Vice President, Brand & Commercial at Banyan Group. “The core beliefs and values that have guided Banyan Group to this milestone will continue to underpin our growth strategy as we remain dedicated to being a force for positive change for both people and the planet.”
In 2024, Banyan Group will align with United Nations Climate Science-based Targets to develop a comprehensive 2030 Sustainability Roadmap that addresses both environmental and human capital development in line with its founding ethos of Embracing the Environment, Empowering People. It will also pioneer a circularity pilot project, reinforcing the brand’s commitment to advance the hospitality industry’s transition to regenerative practices.
The Group will also launch Laguna Lakelands in Phuket, its most ambitious nature-integrated development. Spanning 110 hectares, Laguna Lakelands will encompass a Rainforest park, over 10km of treetop skywalks, and six distinct zones—orchard, lakeside, lagoon, valley, and forest—ushering in a new era of immersive living.
New Programming and Initiatives
During its 30th anniversary in 2024, Banyan Group will launch Beyond, a new digital companion that offers a holistic experience across its codified wellbeing framework, and with Banyan, an experiential members programme that rewards engagement, interactions, and actions. The celebration extends globally with 11 trade pop-ups, engaging global consumer campaigns, the launch of 8 signature scents inspired by the Group’s eight pillars of wellbeing, and limited edition artisanal anniversary gifts, all crafted in collaboration with the communities where the Group operates.
