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. Here are the highlights:
- The Group’s first property in Cambodia will debut with Angsana Siem Reap
- The first Banyan Tree property in Japan, Banyan Tree Higashiyama Kyoto
- Further enhancing Banyan Group’s multi-brand presence, additional brands are set to debut in Vietnam – Angsana Quan Lan in Halong Bay and Garrya Mu Chang Chai, as well as in South Korea with Cassia and Homm Sokcho.
- Suzhou, approximately 2 hours away from Shanghai by train or car, 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, Banyan Tree Veya Valle de Guadalupe marks the debut of the first full-fledged Banyan Tree Veya in 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.
