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Banyan Tree Group on Tuesday (18 Dec) signed 26 hotel agreements for its four brands, with the projects slated to become operational in the next three years, reported the Straits Times.
Most of the projects (17) are based in Chinese provinces such as Hebei, Zhejiang and Guizhou, while the rest are based in Europe, Asean and the Oceania region.
The new projects would be in addition to the group’s 48 current hotels in operation as at end-2018 and the seven hotels expected to open next year.
The new hotel agreements exclude projects that are still under negotiation and introduced by the group’s new partners – Chinese property developer Vanke and French hotel group Accor.
The two became strategic partners and minority investors of Banyan Tree Holdings about a year ago. Around a dozen projects have been initiated via Vanke, while Accor partnerships are still in active negotiations.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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