Banyan Tree announces 76% rise in operating profit in a business update, supported by hospitality
Banyan Tree Holdings announced that its operating profit in3Q2022 rose 76% y-o-y while hotel revenue per available room (RevPAR) rose 36% y-o-y. Property sales for the first nine months of this year exceeded the pre-Covid period, the announcement says.
Hotels in Thailand and Maldives which the company owns recorded revenue growth of 150% y-o-y in 3Q2022. Hotel management fees rose 30% y-o-y. The company says China’s hotel operations rebounded and RevPAR rose by 23% y-o-y.
On investment sales, total sales value in 2022 is likely to exceed pre-Covid levels. This is supported by Phuket where 10-year residential visas are available for residential buyers. The company plans to launch the new Banyan Tree Phuket Private Residences in the current quarter.