INRnews - Indian Real Estate News

Mr Ho KwonPing, Executive Chairman of Banyan Tree said, “These are exciting times for the Group as we continue with our growth expansion plans. We will continue to source out niche and exciting tourist destination markets to increase our presence in the world. These new agreements secured recently will increase our current pipeline of [21] hotel and [29] spa projects over the next three years.

Banyan Tree and Angsana Resorts in Karnataka, Chikmagalur, India
The hotel management agreement with Brigade Enterprises Pvt. Ltd. will see the Group establishing two resorts – a Banyan Tree Resort and Spa and an Angsana Resort and Spa, in Karnataka, a scenic, hilly location some four hours by car from Bangalore.

Banyan Tree Resort and Spa will be positioned as India’s destination spa resort and will have approximately 25 rooms. Angsana Resort and Spa will have approximately 50 rooms. Both resorts will cater to the growing demand for destination spas and are scheduled for completion in 2008.

Banyan Tree Resort & Spa in Kerala, India
The Group entered into a joint venture with the Kapico Group Holding Co. K.S.C.C. to operate a Banyan Tree Resort and Spa in Kerala, India. 40 minutes by car and boat from Kochi, Banyan Tree Resort & Spa will be located on Vembanad Lake, near Poothhotta and Perumbalam. The project will comprise of about 100 water villas and luxury houseboats plus resort residential development. The Group will design the whole project. There is a put and call option (exercisable only at the grand opening of the resort) for the Group to invest 15% into the project. The Group has an additional option to invest a further 15% within 6 months of the grand opening. Completion of the resort is targeted for 2009.

Angsana Spa in Gurgaon, India
The Group signed a spa management agreement with Vipul Limited to establish an Angsana Spa in Gurgaon, located some 40 minutes by car from the capital city of New Delhi. Gurgaon is a large, fast growing city and a hub for large industries and multinational companies. Located on one hectare of an up-market residential development, the premier city spa will cater to the city of Gurgaon and is expected to open in 2008.