footprint , a target that we are well on track to achieving thanks to a combination of favourable market conditions amid resurgent tourism and our strong portfolio of brands that match consumer trends in destinations as diverse as China and Spain ,” See said .
Most of the expansion efforts are focused on new builds , with 80 % of the portfolio ’ s growth stemming from these developments .
Having already opened three properties at the start of 2023 , Banyan Tree hopes to add nine more by the end of the year .
“ Our expansion strategy for 2023 is more aggressive as we are seeing positive signs in the travel industry and want to leverage this momentum to expand our reach further ,” said Renyung Ho , SVP , brand HQ at Banyan Tree Group , and daughter of the company ’ s founders .
“ We believe that there are still untapped markets and opportunities that we can explore , and we are actively pursuing them .
In addition to opening new properties , we are also receiving more requests for conversions . Our expansion plans are focused on our current core footprint , and we are seeing great potential in the Americas .”
There has been a positive , post-COVID travel trend with the popular destinations of Phuket , Bali and the Maldives faring well and business surpassing 2019 demand , she said .
With an impressive footprint already established across Asia , the group considers China to be a vital market , both in terms of portfolio composition as well as an outbound customer point of view . Since China reopened its borders to international tourists earlier this year , the company reported a major surge in outbound demand , with hotel searches soaring 1000 %.
“ Looking ahead , we have ambitious expansion plans for China and are actively
WE SEE THE EVOLVING CHINESE TRAVELER CARING MORE ABOUT VALUES CLOSE TO OUR BRAND DNA , SUCH AS WELLBEING AND SUSTAINABILITY
– RENYUNG HO . SVP , BRAND HQ AT BANYAN TREE GROUP
exploring opportunities in several key areas . We believe that these locations offer great growth potential and will enable us to further consolidate our presence in the Chinese market , especially as we see the evolving Chinese traveler caring more about values close to our brand DNA , such as wellbeing and sustainability ,” Renyung said .
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