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Hotel operations boost Banyan Tree
SINGAPORE – Banyan Tree Holdings has booked a better-than-expected 55 per cent jump in first-half net profit to S$24 million (US$15.6m) on solid revenue growth in its hotel operations. ?
First-half revenue rose 23 per cent to S$188 million (US$122m). ?
The strong figures were due mostly to higher revenue contributions from its hotel operations in Laguna Phuket resorts and Banyan Tree Lijiang in China. ?
But in the hotel residences segment, revenue slid 64 per cent because of lower sales of high-margin hotel residences. ??Banyan Tree says it remains optimistic about its future performance, citing a strong pipeline of new projects opening over the next two years. ??It also expects steady contributions from its existing hotels to benefit its hotel investment and management segments. ??Banyan Tree is embarking on an ambitious expansion plan to increase the number of its hotels from 22 to about 60 by 2010. ??Most of these new hotels will be located in emerging markets such as China, the Americas and the Middle East. ?? Banyan Tree is also increasing its equity interest in Thailand’s Laguna Resorts and Hotels to 65.75 per cent.
It has signed a Memorandum of Understanding to acquire prime land adjacent to Laguna Phuket, which could be used for residential, commercial or hotel use.
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