Banyan to Manage Three in China
CHINA, March 5, 2007. Banyan Tree Holdings Ltd., a leading developer of premium resorts, hotels and spas, signed contracts to manage three new hotels in China: the Banyan Tree Hotel Beijing, Angsana Hotel Beijing, and Banyan Tree Resort Hangzhou.
Banyan Tree Beijing
Banyan Tree's management contract is to design and manage the prestigious 216 all-suite hotel and serviced apartments. Situated in a prime commercial district, the hotel fronts the busy Wang Fu Jing Road and is within walking distance of the Forbidden City. Banyan Tree Beijing, scheduled to open in 4th quarter of 2009, will be exclusively designed by Banyan Tree and will capture the Asian appeal that is synonymous with Banyan Tree.
Angsana Beijing
Banyan Tree will also manage Angsana Beijing, a boutique hotel and the first Angsana city hotel in China for the Group. Boasting approximately 80 rooms, the hotel will be part of Solana International Lifestyle Shopping Center, a mix of high-end retail, entertainment and hospitality services. Located in the new Yan Sha diplomatic zone of Beijing, Angsana Beijing is expected to open in 2008.
Banyan Tree Hangzhou
Continuing its expansion in China, Banyan Tree will manage an all-villa resort, residences and condominium project, with expected opening in early 2009 - Banyan Tree Hangzhou. This is part of an integrated complex comprising hotel and conference centre, retail and entertainment, and residential community, located just 40 minutes' drive from Hangzhou Xiaoshan International Airport.
In addition, Banyan Tree had also signed land acquisition agreements/MOUs in China to develop five new resorts in Jiuzhaigou, Sichuan Province; Lhasa, Tibet; and Yangshuo, Guilin. The Group currently has a portfolio of three properties already in operation in Yunnan, and another nine hotels in various stages of development.
These developments support Banyan Tree's strategy of growth in China and complement Banyan Tree's existing operation there. The Group successfully operates the award-winning resorts - Banyan Tree Lijiang and Banyan Tree Ringha in Yunnan, and Banyan Tree Spa Shanghai
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