Singapore-based hospitality group Banyan Tree is looking to open hotel residences in the extended stay segment in the Gulf Cooperation Council (GCC) countries, revealed the company’s top executive, as reported by Gulf News. The company plans to bring its new brand Cassia to Dubai, Abu Dhabi, Qatar and Bahrain.
As a part of the process, Banyan Tree is looking for land for its new hotels, according to Ho Kwon Ping, executive chairman of Banyan Tree Holdings. “We want to develop this on our own. We hope [to launch Cassia in the region] within the next two years or so … depending on how soon we acquire the land.”
The listed company recently issued a bond valued at SGD 80 million (AED233.9 million), which it upsized to SGD$125 m. Ho did not divulge revenue forecast for this year.
Cassia offers one and two-bedroom units, with prices starting at around SGD$143,000 for a one-bedroom apartment. Ho says demand for extended stay segment in the UAE is strong, partially driven by increasing number of families visiting the country. “We think the product is very suitable for the Middle East,” he said.
Globally, five Cassia properties are under development at present in Phuket, Thailand; Bintan, Indonesia; Beruwala, Sri Lanka; Lijiang, China and the Gold Coast in Australia. Seven more projects are being planned in Australia, New York, Japan, Seychelles, Chiang Mai, Bangkok, Thailand and Lang Co, Vietnam.
Banyan Tree is also looking to open between three and four properties under its two other brands, Banyan Tree Hotels and Resorts and Angsana Hotels and Resorts, in the UAE and Bahrain within the next three years.