Banyan Tree Group marks three decades of hospitality across its hotels, spas, residences, food, and retail ventures. As part of its ongoing transformation into a vibrant and diverse hospitality entity with multiple brands, the corporate umbrella is transitioning from Banyan Tree Group to Banyan Group. This change mirrors the Group’s growth into a dynamic force in the hospitality industry.
Banyan Group manages 12 global brands, 75 hotels and resorts, over 60 spas and galleries and 14 branded residences across 22 countries.
Since 2019, the Group has expanded its range of brands, now having twice the portfolio. It has entered new locations – Banyan Tree AIUIa in Saudi Arabia; Garrya in Kyoto; Folio in Osaka, Japan; Dhawa in Ho Tram, Vietnam; Homm in Huzhou, China; and Banyan Tree Dubai in the United Arab Emirates.
In 2023, the business exhibited robust and consistent performance, surpassing pre-pandemic levels.
In the first three quarters of 2023, hotels experienced a substantial 44% increase in Revenue Per Available Room (RevPAR) compared to the same period in 2022. This growth surpassed pre-pandemic levels by 27% when compared to the first three quarters of 2019 on a same-store basis.
Residence sales for the same period reached 90% of the total sales for the entire year of 2022, which was a record-breaking year.
China has played a pivotal role in the Group’s success, showcasing a remarkable 49% increase in RevPAR during the first three quarters of 2023 compared to the same period last year. Additionally, there was an 18% increase in RevPAR compared to pre-Covid levels in 2019 on a same-store basis. The operating footprint expanded from 16 properties in 2019 to 25 in 2023, with an additional 14 in the three-year pipeline. The Group anticipates continued growth, fueled by a robust opening pipeline and the strength of both the domestic and outbound Chinese market in both residences and hospitality.
The recent buyback deal with China Vanke not only reinforces the Group’s standing as a key player in the hospitality industry but also streamlines strategic decision-making in response to market dynamics and enhances day-to-day operational efficiency.
“As we celebrate the Group’s 30th anniversary and its evolution into Banyan Group, this milestone is not only testament to the Group’s enduring success in the hospitality industry but also sets the stage for an exciting future. This brand evolution reflects our portfolio transformation from a single luxury brand to the diverse offering we have today. Almost half of all the countries we operate in carry a multi-branded presence, with most of them being 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.”Eddy See, President and CEO of Banyan Group.
In 2024, Banyan Group will add 19 new properties and residences in Cambodia, China, Japan, South Korea, Vietnam and Mexico.
The inaugural property in Cambodia for the Group is set to launch with Angsana Siem Reap. The first Banyan Tree establishment in Japan is Banyan Tree Higashiyama Kyoto.
Expanding its multi-brand presence, the Banyan Group will introduce additional brands in Vietnam, including Angsana Quan Lan in Halong Bay and Garrya Mu Chang Chai, as well as in South Korea with Cassia and Homm Sokcho.
Approximately 2 hours away from Shanghai by train or car, Suzhou will feature two complexes. The first in Shishan will include Banyan Tree and Angsana, while the second by Yangcheng Lake will include Banyan Tree and Garrya.
Angsana Tengchong marks the Group’s fifth property in the Yunnan province of China. In North America, the debut of the first full-fledged Banyan Tree Veya in Mexico is marked by Banyan Tree Veya Valle de Guadalupe.
Banyan Group will also launch Beyond, a new digital companion that offers a holistic experience across its codified wellbeing framework, and withBanyan, 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.
The 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.