Dubai: Singapore-based hospitality group Banyan Tree is looking to open hotel residences in the extended stay segment in the Gulf Cooperation Council (GCC) countries, according to the company’s top executive.
The company plans to bring its new brand Cassia to Dubai, Abu Dhabi, Qatar and Bahrain.
As a part of the process, Banyan Tree is looking for land for its new hotels, according to Ho Kwon Ping, executive chairman of Banyan Tree Holdings. “We want to develop this on our own,” he told Gulf News in a phone interview.
“We hope [to launch Cassia in the region] within the next two years or so … depending on how soon we acquire the land,” he said.
The listed company recently issued a bond valued at 80 million Singapore dollars (Dh233.9 million), which it upsized to S$125 million. Ho did not divulge revenue forecast for this year.
Cassia offers one and two-bedroom units, with prices starting at around $143,000 for a 35 square metre one-bedroom apartment. Ho says demand for the extended stay segment in the UAE is strong, partially driven by the increasing number of families visiting the country. “We think the product is very suitable for the Middle East,” he said.
Globally, five Cassia properties are under development at present in Phuket, Thailand; Bintan, Indonesia; Beruwala, Sri Lanka; Lijiang, China and the Gold Coast in Australia.
Seven more projects are being planned in Australia, New York, Japan, Seychelles, Chiang Mai, Bangkok, Thailand and Lang Co, Vietnam.
Banyan Tree is also looking to open between three and four properties under its two other brands, Banyan Tree Hotels and Resorts and Angsana Hotels and Resorts, in the UAE and Bahrain within the next three years.
The hotel chain has three properties in its Middle East portfolio, including Banyan Tree Ras Al Khaimah Beach and Banyan Tree Al Wadi Hotel in Ras Al Khaimah and another under the Banyan Tree Hotels and Resorts brand in Bahrain, which is set to open in two years’ time.
Banyan Tree has 40 hotels open worldwide and 20 under development. The group plans to grow to 66 hotels and resorts, 117 spas and 115 galleries across 33 countries by 2017.
