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Press Release

BANYAN TREE RENEWS INTEREST IN SRI LANKA

Category: Corporate Announcements

 

04 Jun 2011

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Singapore, 4 June 2011 – Banyan Tree Holdings Limited (“Banyan Tree”), a leading manager and developer of premium resorts, hotels, spas and galleries, has announced the termination of a hotel management agreement in Sri Lanka, in order to focus on the development of its own projects on a larger scale. The 77-room Deer Park Hotel in Giritalle, the cultural heart of Sri Lanka, has been managed under the Angsana brand.

Banyan Tree’s plans for Sri Lanka encompass either single-hotel projects in iconic, pristine areas, or an integrated resort with several hotels, golf course, residential developments, and retail and spa centers.  The model for its envisaged Sri Lanka integrated resort is Banyan Tree’s Laguna Phuket project which was the first, and remains the largest, integrated resort in Asia.  Laguna Bintan with two hotels and a golf course in Indonesia was also developed by Banyan Tree.   Laguna Lang Co, a 300-hectare integrated resort in Central Vietnam also spearheaded by Banyan Tree, will open in mid-2012. 

A delegation headed by Mr Ho Kwon Ping, executive chairman of Banyan Tree, was recently in Sri Lanka to visit possible sites.  “We were about to open a beach resort near Colombo when it was destroyed by the Asian tsunami,” said Mr Ho.  “We are happy to be back and are optimistic about the prospects for this beautiful and now peaceful country.”