Banyan Tree expects 7pc of total revenue from ME
Singapore-based Banyan Tree Hotels & Resorts, part of Banyan Tree Holdings, hopes for five to seven per cent of its total revenue to be generated from the Middle East in the next two years, said Ariel Vera, Group Managing Director of Banyan Tree Holdings. The company also expects to double its portfolio to 12 hotels in the coming years.
"Once we open the projects, which we currently have in the pipeline for the Middle East, every year we would look at an estimated management fee of S$5 million (Dh13.34m) coming out of this region," Vera stated.
The company, listed on Singapore Stock Exchange, has two brands in its portfolio, Angsana and Banyan Tree, and is hoping for a turnover of more than S$300m for the full-year 2009, Vera said, adding that 2010 numbers would be higher than 2009.
Meanwhile, The Banyan Tree’s current projects include those in Ras Al Khaimah, Abu Dhabi in the UAE and two each in Oman and Egypt. In this regard, The Banyan Tree Al Wadi in Ras Al Khaimah, will open on April 17 while the Angsana Eastern Mangrove in Abu Dhabi, is due to be launched in 2011. Projects in Oman and Egypt will open in 2012.
The Banyan Tree has been in the limelight recently because of the fall-out with the Banyan Tree Al Areen Resort in Bahrain, owned by Al Areen Holding Company. The company terminated its contract with Al Areen earlier this week owing to a breach of the agreement.
Talking about its differences with Al Areen and the company‘s commitment to the Middle East, Vera said that "overall, we remain committed to business prospects in the Middle East and are progressing on several projects there in our pipeline.”
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