Banyan Tree Group plans to double its global portfolio in the next five years, including nine facilities in Vietnam, the Singapore-headquartered hospitality giant announced last Friday.
The firm aims to deliver 50 new hotel openings or conversions, raising its total number to 113 in 2025, said Eddy See, president and CEO of Banyan Tree Group.
The expansion in Vietnam features three Angsana resorts in the Ho Tram area of the southern province of Ba Ria-Vung Tau, the Mui Dinh area in the south-central province of Ninh Thuan, and Quan Lan island in the northern province of Quang Ninh. Angsana is a vibrant lifestyle brand focusing on authentic experiences for families and friends.
Dhawa, a contemporary full-service hotel brand, is also looking to open a facility in Ho Tram town. Homm, another hotel brand under Banyan, is also aiming to open the Tu Le resort in the northern mountainous province of Yen Bai in 2024.
Garrya, a resort brand inspired by natural elements, is scheduled to open four Vietnam resorts in Mu Cang Chai district of Yen Bai, the central coastal city of Danang, Hoi An town in the central province of Quang Nam, and the northern province of Hoa Binh, all by 2025.
Banyan Tree currently operates one facility in Vietnam, namely Banyan Tree Lang Co in Phu Loc district, the central province of Thua Thien Hue.
Banyan Tree recorded an operating profit of SGD41.7 million ($31.33 million) on a revenue of SGD271.3 million ($203.8 million) in fiscal year 2022, up nine-fold and 23% year-on-year, respectively, according to a company report.
International visitors to Vietnam in the first quarter of 2023 reached nearly 2.7 million, expanding by 29.7 times year-on-year, according to the General Statistics Office (GSO). The industry is aiming for eight million foreign visitors this year. The tourism sector reaped a total revenue of VND6,776 trillion ($288.32 million) in the period, up 220%.