Celebrating three decades of creating experiences across hotels, spas, residences, food and retail, 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, opening hotels in 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. Last year also marked a year of strong and steady business performance that has surpassed pre-pandemic levels.
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 will be 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 two hours away from Shanghai by train or car, will be home to 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
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 percent, in 9M2023 compared to 9M2022, and also surpassed the pre-pandemic performance by 27 percent as opposed to 9M2019, on a same-store basis.
- Residence sales for 9M2023 reached 90 percent 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 percent increase in RevPAR 9M2023 compared to the same period last year, and an 18 percent 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.
Simultaneously, the company has maintained its commitment to both design-led experiences and a purpose-driven mission of stewardship and responsible tourism. 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 ambitious nature-integrated development. Spanning 110 hectares, Laguna Lakelands will encompass a rainforest park, over six miles of treetop skywalks and six distinct zones—orchard, lakeside, lagoon, valley, and forest.
During its 30th anniversary in 2024, Banyan Group will launch Beyond, a new digital companion that offers a holistic experience across its codified well-being framework, and with Banyan, an experiential members program that rewards engagement, interactions and actions. The celebration extends globally with 11 trade pop-ups, engaging global consumer campaigns, the launch of eight signature scents inspired by the group's eight pillars of well-being and limited edition artisanal anniversary gifts, all crafted in collaboration with the communities where the Group operates.
For more information, visit www.groupbanyan.com.
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