Banyan Tree expects 7% of luxury hotels revenues to come from Middle East
Banyan Tree Hotels & Resorts, who specialise in providing luxury holidays for travellers, have announced that they expect approximately five to seven percent of their total global revenues to come from the Middle East over the next two years.
The Singapore-based luxury hotels and resorts operator are part of the Banyan Tree Holdings group and are expecting to double their current number of six luxury hotels in the Middle East region within the next two years.
Group Managing Director of Banyan Tree Holdings, Ariel Vera commented:
"Once we open the projects, which we currently have in the pipeline in the Middle East, every year we would look at an estimated management fee of S$5 million (Dh13.34m) coming out of this region. With regards to revenues, we are expecting about five to seven per cent of our total global revenues to come out of this region in the next two years."
Banyan Tree Holdings also have the Angsana brand in their portfolio and with the both brands, the company is looking at a turnover of at least S$300 million for 2009, with numbers expected to be even higher for 2010. Current projects in Banyan Tree's portfolio include management contracts for two Oman hotels and two Egypt hotels; a Ras Al Khaimah property; and resort in Abu Dhabi - all designed to provide luxury holidays for travellers from all over the globe.
Vera commented on the potential of adding Dubai hotels to their portfolio, saying:
"We have no active project in Dubai as of now. There were several projects we signed in Dubai but unfortunately some of them got cancelled because of economic and financial issues."
"Overall, we remain committed to business prospects in the Middle East and are progressing on several projects there in our pipeline. We will continue to work with owners who place a high importance on the quality of the service and product and in the sanctity of contractual obligations, and believe that the growing strength of the brand will ultimately benefit the hotel they own."
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