Singapore, 20 September 2007 —Singapore Main-Board listed Banyan Tree Holdings Limited (“Banyan Tree” or the “Group”), a leading developer, designer and operator of top-tier hotels, resorts, spas and galleries worldwide, today announced that it has signed a management contract for its first Banyan Tree branded city club development in Asia in vibrant and cosmopolitan Seoul, South Korea.
Situated in Namsan, a popular tourist spot right in the heart of the city that offers a panoramic view of Seoul, Banyan Tree Club & Spa is the first branded private membership club in Korea. Through a seamless combination of world class club facilities and Banyan Tree’s signature brand of Asian hospitality, the Banyan Tree Club & Spa offers its members a sanctuary within the city where they will be able to enjoy a wide range of sporting, leisure, educational and entertainment activities. Club facilities will comprise the award-winning Banyan Tree Spa, banquet and conference rooms, private event spaces, gym, indoor and outdoor pools, the first outdoor golf range with ESPN Golf Academy courses in Seoul, tennis and basketball courts, hockey and soccer fields, ice rink as well as a dedicated kids club.
“Korea has always been an important market for Banyan Tree and bringing the brand here is a significant step that we have had to be very careful about. We are delighted that with the Banyan Tree Club & Spa, Seoul, we are entering Korea in a manner that allows us to deliver the standards that have come to be expected of us to our member and guests in Korea and from around the world,” said Executive Chairman, Mr Ho Kwon Ping.
Developed by Urban Oasis Inc, the project will also include a 59-suite Banyan Tree city hotel featuring full fledged hotel facilities and signature F&B amenities. This will be the seventh addition to These new developments are not expected to have any material financial impact on the Group’s earnings and its net tangible assets for 2007.
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