Banyan Tree Group is now Banyan Group as the Singaporean hospitality brand launches into its 30th anniversary with a splash. As part of its repositioning, the family-run company is doubling the number of brands across its hotels, spas, residences, food and retail venues. This represents the biggest expansion in the company’s history giving it a larger platform on which to attract customers at different price points and value propositions.
While most of its hotels are far from North America, this will soon change with the opening of Banyan Tree Veya Valle de Guadalupe, the first full-fledged Banyan Tree Veya in Mexico. It is part of an effort to grow its visibility for American travelers while also taking advantage of its loyalty partnership tie-up with Accor where guests can earn and redeem points for their stays.
Banyan Group consists of 12 global brands, 75 hotels and resorts, over 60 spas and galleries, and 14 branded residences in nearly two dozen countries. By renaming the hospitality company as Banyan Group, it is able to differentiate its luxury brands from others in its portfolio.
Among the newest brands are luxury names like Angsana, wellness-focused Banyan Tree Veya and Banyan Tree Escape for lovers of adventure travel. In its upscale segment are new brand like Garrya and Dhawa while the mid-tier segment is growing with the Homm, Folio and Cassia brands. Having something in different price points helps to round out the offering for all types of travelers.
Filling the pipeline
Where Banyan Group is strongest is its core market in Asia, but this is something they hope will evolve. Their management model allows growth by keeping assets low and relying on hotel ownership groups to fulfill its brand promise for guests. This is also helping it reach beyond Asia.
For 2024 alone, the company expects to see 19 properties debut around the world including Banyan Tree AlUla in Saudi Arabia; Garrya in Kyoto, Japan; Dhawa in Ho Tram, Vietnam; and Banyan Tree Dubai in the United Arab Emirates.
Garrya and Homm are the two fastest growing brands in Banyan Tree’s portfolio. If the names seem unfamiliar (for now), that is because they are mostly in Thailand, China and Japan.
According to Eddy See, president and CEO of Banyan Group. “Almost half of all countries we operate in carry a multi-branded presence, most of them high-growth travel destinations.”
After Covid ravaged the travel industry, people are looking for more meaningful and immersive travel experiences that go beyond the traditional tourism gateways. This represents the perfect time to invest in these markets where demand may be outpacing supply.
For example, Angsana Siem Reap will be the first property for the brand in Cambodia. Banyan Tree Higashiyama Kyoto will become the first Banyan Tree in Japan.
In the five years since 2019 (and during a global pandemic), Banyan Group more than doubled its portfolio. Recent openings in Greece and Japan will be joined by new hotels in Singapore and Spain.
The company points out that much of the growth represents upscale and mid-tier segments, but revenue from its luxury-branded Banyan Tree properties will continue to represent the majority of its profits.
China leads the way
China alone has played a key role with the first three quarters of 2023 surpassing the same period in 2022 with a 49% increase in revenue per available room (known as RevPAR). In 2023, the brand grew its Chinese presence from 16 to 25 properties, and 14 more are in the pipeline.
In the Yunnan province, Banyan Group’s fifth property recently opened. A pair of dual complex properties will open in Suzhou: Banyan Tree and Angsana in Shishan plus Banyan Tree and Garrya by Yangcheng Lake.
China has proven key to the growth since there is a high number of domestic travelers that were traveling during and after the pandemic. This is in addition to outbound travel from China after guests become exposed to some of Banyan Group’s brands.
Becoming more sustainable
Hospitality brands know that sustainability is a key component to what guests are looking for, but also important for being responsible citizens in the communities they serve. This is leading changes at many of its properties with eco-friendly practices like glass bottles instead single-use plastic (often refilled at its own new bottling plants), educational partnerships with community organization and onsite gardens to produce ingredients for restaurant and staff canteen menus.
The all-villa Banyan Tree Phuket, the first hotel for Banyan Group, has an expansive garden growing everything from herbs to fruits and vegetables. Guests can enjoy a tour there or even dine within the gardens as part of the resort’s dining program that sets up romantic meals all around the property.
The Stay for Good program also connects guests with local initiatives and communities to help them learn more about how people in each destination live.
As part of its “sustainability roadmap,” the company is studying ways for all its properties to be more responsible citizens. Among its newest eco-friendly property is Laguna Lakelands in Phuket, a nature-integrated development that spans 272 acres, including a rainforest park, over six miles of treetop sky walks, and guest living areas within the forest, by lagunas or surrounding lakes.
As Banyan Tree shifts from a single brand name that has led it this far to a multi-brand approach, the company gains access to new customers with multiple value offerings that propel it to the next phase of its growth plan. By next year, the company hopes to count 100 hotels within its portfolio.
Frequent Banyan Tree guests might say that, at 30 years old, Banyan Group seems to be maturing with purpose and energy in more countries than ever.