Banyan Tree adds its fourth flag to its portfolio of city hotles in China
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Banyan Tree adds its fourth flag to its portfolio of city hotles in China
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Category: Asia Pacific - China - Industry economy -
Hotel projects
This is a press release selected by our editorial committee and published online for free on 2008-06-30
Singapore Main-Board listed Banyan Tree Holdings Limited (“Banyan Tree” or the “Group”), a leading developer, designer and operator of top-tier hotels, resorts, spas and retail galleries worldwide, today announced that it has signed a management contract for a Banyan Tree hotel in the city of Tianjin, China.
Banyan Tree Tianjin is the Group’s fourth addition to its network of city hotels in China and will be the Group’s twelfth Banyan Tree flag across the country. The Group’s portfolio of city hotels in China currently comprises Banyan Tree Beijing, Banyan Tree Shanghai and Banyan Tree Macau. “The addition of Banyan Tree Tianjin to our portfolio of resorts and hotels in China is in line with our strategy to bring the Banyan Tree experience to the various key markets within China itself and we are excited about this opportunity for us to do so in Tianjin.” said Executive Chairman, Mr. Ho Kwon Ping.
Banyan Tree Tianjin is developed by the Shanghai Pengxin Group, a leading real estate developer in China. Located in the He Bei district in Tianjin, the hotel site is approximately 15-minutes from the city centre by car and within proximity to the area’s financial, entertainment and shopping hubs.
Banyan Tree Tianjin will be part of an integrated development that will include residential units, office space and commercial and retail outlets. Occupying 16 stories in height, Banyan Tree Tianjin will have around 200 large-sized suites, a wide variety of food and beverage outlets which will include the Group’s signature restaurants, as well as full-fledged business and conference facilities. Against the city’s rich cultural background, Banyan Tree Tianjin is a sanctuary where its guests will be able to enjoy the Group’s signature Asian hospitality, as well as rejuvenating treatments at its award-winning Banyan Tree Spa.
The development is slated for completion in 2011.
These new developments are not expected to have any material financial impact on the Group’s earnings and its net tangible assets for 2008.
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