Singapore Main-Board listed Banyan Tree Holdings Limited, a leading manager and developer of premium resorts, hotels and spas in the Asia Pacific, has secured new agreements to manage…
Singapore Main-Board listed Banyan Tree Holdings Limited, a leading manager and developer of premium resorts, hotels and spas in the Asia Pacific, has secured new agreements to manage two Banyan Tree Resorts and one Angsana Resort in India, and manage three new spas in Ireland, China and India respectively.
Mr Ho KwonPing, Executive Chairman of Banyan Tree said, These are exciting times for the Group as we continue with our growth expansion plans. We will continue to source out niche and exciting tourist destination markets to increase our presence in the world. These new agreements secured recently will increase our current pipeline of [21] hotel and [29] spa projects over the next three years.
Banyan Tree and Angsana Resorts in Karnataka, Chikmagalur, India
The hotel management agreement with Brigade Enterprises Pvt. Ltd. will see the Group establishing two resorts – a Banyan Tree Resort and Spa and an Angsana Resort and Spa, in Karnataka, a scenic, hilly location some four hours by car from Bangalore. Both resorts will cater to the growing demand for destination spas and are scheduled for completion in 2008.
Banyan Tree Resort & Spa in Kerala, India
The Group entered into a joint venture with the Kapico Group Holding Co. K.S.C.C. to operate a Banyan Tree Resort and Spa in Kerala, India. The Group will design the whole project. There is a put and call option (exercisable only at the grand opening of the resort) for the Group to invest 15% into the project. The Group has an additional option to invest a further 15% within 6 months of the grand opening. Completion of the resort is targeted for 2009.
Angsana Spa at Bunratty Castle Hotel in Ireland
Under the spa management agreement with the Blarney Group, Banyan Tree will manage an Angsana Spa at the Bunratty Castle Hotel in County Clare, Ireland. The Spa will be the second Angsana Spa in Ireland, and is scheduled to open in October 2006.
Angsana Spa in Gurgaon, India
The Group signed a spa management agreement with Vipul Limited to establish an Angsana Spa in Gurgaon. The city spa will cater to the city of Gurgaon and is expected to open in 2008.
Angsana Spa at Royal Pines Resorts, Gold Coast, Australia
The Spa is scheduled to open by 2007.
Angsana Spa at Sofitel Fizi Tianmu Lake, Jiangsu, China
Owned by Liyang Fizi Development Co., Ltd., the upmarket Sofitel Fizi Tianmu Lake Hotel will be built at Liyang, on the banks of Lake Tianmu. The Group’s new Angsana Spa in Jiangsu will be a key amenity and is scheduled to open by 2007.
These new management agreements are not expected to have any material financial impact on the Group’s earnings per share and its net tangible assets for 2006.
