Banyan Tree Group on Thursday (June 5) announced that a new brand has been launched, taking the hospitality group into a new segment.
With Cassia, Banyan will now have three brands in its portfolio. The group is seeking to expand globally. It has a target of 66 hotels and resorts, with more than 100 spas and galleries, across 33 countries by 2017.
Cassia lies in a niche sector between hotels and serviced apartments. It will offer fully-finished one and two-bedroom units for sale, with flexible living and investment options.
Five projects are being developed in Thailand, Indonesia, Sir Lanka, Australia and China.
An additional seven projects are being planned in Brisbane, New York, Japan, Seychelles, Chiang Mai, Bangkok and Vietnam.
Said Mr Ho Kwon Ping, Executive Chairman of Banyan Tree Holdings: “It is a hundred per cent real-estate, but focusing with a very strong hospitality element to it, and that is bringing our expertise in both areas to launch this new brand.”
Source: ChannelNewsAsia, 5th June 2014.