Banyan Group through its rebranding is determined to shield its core brand, ensuring it retains its essence amidst the clamor of multiple brand launches.
As it prepares for the launch of 19 new properties in 2024, Singapore-headquartered Banyan Tree Group is embracing a sleeker image, rebranding itself as the Banyan Group.
Marking a significant expansion, the rebranding strategy aims to distinguish the original Banyan Tree luxury brand from recent additions to the portfolio, which has doubled since 2019.
Ren Yung Ho, senior vice president of brand and commercial at Banyan Group, explained to Skift that the umbrella brand “Banyan Group” serves to unify all brands under one umbrella, streamlining and reducing confusion.
According to Ho, the rebranding emphasizes the group’s positioning as a corporate brand, distinct from a consumer brand. Individual properties will not undergo rebranding, he said.
The group’s growth since 2019 includes an expanded presence in Japan, Vietnam and China, along with recent ventures into the Middle East with the launch of Banyan Tree AlUla in Saudi Arabia and Banyan Tree Dubai in the United Arab Emirates.
The current Banyan Group portfolio includes 12 global brands, 75 hotels and resorts, over 60 spas and galleries, and 14 branded residences across 22 countries. Ho emphasized there are no immediate plans for additional brands, “The existing breadth is designed to encompass the diverse preferences and requirements of the target audience.”
Customer Engagement Initiatives
Banyan Group has also unveiled plans for two initiatives: Beyond — a wellbeing program, and withBanyan — an experiential members’ program. Ho elaborated that Beyond’s wellbeing program will be accessible online and through retreats, reflecting the group’s “commitment to transformative experiences.”
Distinguishing the loyalty program ALL by Accor, with which Banyan Group is in partnership, Ho clarified that withBanyan takes a unique approach as a “recognition program emphasizing meaningful and experiential engagement,” steering away from the conventional points-driven loyalty system.
In 2024, Banyan Group will also develop a 2030 Sustainability Roadmap, focused on environmental and human capital development. Additionally, the group said it would also launch a pilot project to push the hospitality industry towards regenerative practices.
The 2024 Openings
The group’s expansion in 2024 will include 19 new properties and residences in Cambodia, China, Japan, South Korea, Vietnam and Mexico.
The openings will feature many firsts — the group’s first property in Cambodia, the debut of a Banyan Tree property in Japan. Additional brands are also set to debut in Vietnam and South Korea.
In North America, Banyan Tree Veya Valle de Guadalupe marks the debut of the first full-fledged Banyan Tree Veya in Mexico.
“Almost half of all countries we operate in carry a multi-branded presence, most of them high-growth travel destinations. With a keen eye on expansion, we are seizing new opportunities with our distinct brands, designed to meet evolving traveler preferences and needs in these dynamic markets,” Eddy See, president and CEO of Banyan Group, said in a release.
The group is also gearing up to unveil Laguna Lakelands in Phuket, touted as its most ambitious nature-infused project, showcasing a diverse landscape, including a rainforest park, orchard, lakeside, lagoon, valley, and forest.
The China Boom
Banyan Group’s remarkable recovery post-Covid, outperforming pre-pandemic metrics across diverse regional markets, resulted in a record-breaking performance last year.
The China market emerged as a pivotal driver, registering a 49% increase in revenue per available room (RevPAR) during the first 9 months of 2023 compared to the same period last year, and an 18% increase compared to 2019.
Expanding its operational footprint from 16 properties in 2019 to 25 in 2023, with 14 more in the three-year pipeline, the group attributes this growth to the strength of both domestic and outbound Chinese markets in residences and hospitality.
The group said that its recent buyback deal with real estate giant China Vanke has also helped fortify the group’s standing as a key player in the hospitality industry.
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Photo credit: Buahan, a Banyan Tree Escape in Bali, Indonesia. Banyan Group