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Banyan Tree announced its new venture in the Philippines. This project will be the Group’s first in the Philippines. Banyan Tree and its partner, Mr Salvador B Zamora II, a businessman in the mining and real estate industries, have entered into a joint venture to develop and operate luxury resorts on Dinaran Island in the Philippines. The joint venture agreement was signed in the Philippines between Mr. Zamora and Mr Ariel Vera, Banyan Tree’s Group Managing Director. Banyan Tree will acquire a significant interest in the joint venture.
The parties plan to develop two resorts on the island, each of which will retain a secluded and intimate ambience due to the island’s size and terrain. The total development costs for these two resorts is estimated at around US$70 million. Banyan Tree will master plan, provide architectural and interior design concepts for the resorts. The entire project is targeted for completion in 2010.
“We believe Philippines will grow into an important luxury tourist destination and our resorts in Dinaran will not only enhance our position as a premier resort chain in Asia but will also give us an important foothold in a country with tremendous potential. We also intend to explore other development opportunities here, and seek out partnerships with local investors,” said Executive Chairman, Mr Ho Kwon Ping.
