SINGAPORE - Resort operator Banyan Tree Group on Tuesday (Dec 18) said it has signed 26 hotel agreements for its four brands, with most of the projects based in Greater China.
These projects are expected to become operational over the next three years, with 17 based in Chinese provinces such as Guizhou, Hebei and Zhejiang. The rest of the projects are based in Asean, the Oceania region and in Europe.
These are in addition to the seven new hotels slated to open in 2019. The group currently has 48 hotels in operation as at end-2018.
The 26 new hotel agreements also exclude projects under negotiation and introduced by its new partners, the French hotel group Accor and the Chinese property developer Vanke. Both became minority investors of Banyan Tree Holdings as well as strategic partners around a year ago. About a dozen projects initiated through the Vanke and Accor partnerships are in active negotiations.