Annual Report 2021


Hotel Investments

Banyan Tree Group has selectively maintained assets in stronghold markets, such as Thailand, where we are well-poised to unlock value from our resorts and hotels through an end-to-end developer-operator model.

Revenue from our Hotel Investments declined by S$2.7 million from S$62.2 million in 2020 to S$59.5 million in 2021, mainly due to the impact of COVID-19. Among Group-owned hotels, only those in the Maldives registered improved occupancies as the country has remained open since July 2020. Operating Loss increased by S$4.1 million in 2021, resulting in a loss of S$18.4 million, largely due to lower revenue.


Hotel Investments Revenue


S$ 59.5m


S$ 62.2m


For the full year, our hotels in Thailand posted combined revenue of S$21.9 million, a decrease of 50% from S$44.2 million year-on-year. However, business began to pick up from late 2021.

In the second half of 2021, Phuket welcomed an influx of arrivals from the UK, Europe and US as the Phuket Sandbox scheme began permitting vaccinated travellers to enter without quarantine. The introduction of the Test and Go programme in November offered more flexibility to travel between Phuket and other parts of Thailand. This helped push occupancies well above 50%, enabling a strong high season production.

To drive hotel performance and maximise resources among our Thai properties, we established an offsite sales and marketing office in Bangkok. A coordinated series of campaigns and promotions succeeded in attracting domestic travellers, who accounted for half of room sales at our Phuket hotels, up from 4% in 2019. These efforts helped to raise occupancy at Angsana Laguna Phuket. 

Like the Phuket hotels, Banyan Tree Bangkok owed the bulk of its business during the year to the domestic market. The sales and marketing team leveraged the hotel’s reputation as one of the best dining destinations in Bangkok to attract locals with spa and dining staycations packages. Worldtigo, an interactive digital dining experience launched in December, was fully booked. As a result of such initiatives, food and beverage sales contributed more than half of the hotel’s revenue for the year. 

In addition to numerous awards, Banyan Tree Bangkok has earned the prestigious designation of official hotel for APEC 2022. Leaders of APEC countries will stay at the hotel during the Senior Officials’ Meeting in November.

We will continue targeting the local market to build a diversified customer base that avoids over-reliance on international tourists.

WORLDTIGO Dining Journey at Banyan Tree Bangkok, Thailand

We will continue targeting the local market to build a diversified customer base that avoids over-reliance on international tourists.

Banyan Tree Vabbinfaru, Maldives

Our Maldives resorts recorded revenue of S$37.1 million, up 118% from 2020. All three resorts posted significant revenue growth in 2021 supported by easing of travel restrictions and increased airlift into the Maldives. Russia was the top source market for Banyan Tree Vabbinfaru and Angsana Ihuru, while Great Britain led room volume for Angsana Velavaru.

Revenue from our hotels in Bintan, Indonesia decreased by 41% year-on-year to S$0.5 million, due to restrictions on international and domestic arrivals. Demand remained soft throughout the year though there were signs of recovery in the fourth quarter as domestic travel restrictions eased.

Buahan, a Banyan Tree Escape, Indonesia
Banyan Tree Tamouda Bay, Morocco

Angsana Riads Collection saw revenue fall by 55% or S$0.3 million. Guests from France and Morocco accounted for 58% of rooms sold, followed by the US and Switzerland with 13%. 

In the Pipeline
Buahan, a Banyan Tree Escape  will debut in the heart of Bali, Indonesia, in 2022. With its signature “no walls, no doors” concept, the 16-key resort will offer an intimate stay experience in lush natural surroundings. Meanwhile, the first Banyan Tree Veya has officially opened in Phuket in March 2022 with 23 rooms designed to welcome guests on a wellbeing journey. These two extensions of the Banyan Tree brand are part of the Group’s growing multi-brand ecosystem.

Buahan, a Banyan Tree Escape, Indonesia
Branded Residences and Extended Stay

Our Branded Residences and Extended Stay segment is integral to the Group’s “asset-right” approach, as the development of residences, in conjunction with existing resort developments, generates positive cash flow to lower the investment outlay. Total revenue for 2021 was S$122.8 million, 77% higher than the previous year’s S$69.4 million. The increase was mainly attributable to the sale of development land in the Gold Coast and Brisbane, Australia, for S$92.3 million.

Branded Residences and Extended Stay Revenue


S$ 122.8m


S$ 69.4m

Banyan Tree Phuket, Thailand

Despite the smaller number of property units transacted, a stronger performance by the upscale and luxury segment led to year-on-year growth in sales value. Thailand’s entry restrictions were in place for the first half of the year, limiting international tourist arrivals, a key source market for our property sales. Among these source markets, China was also impacted by the slowdown of its domestic economy and tight travel restrictions as the country adhered to a zero-COVID policy. Meanwhile, the pandemic has proven to be one of the longest, most severe crises affecting investor sentiment and constraining discretionary spending, especially on high value purchases such as vacation homes.

Against this backdrop, our offsite sales networks in China and Russia proved resilient and we maintained sales momentum throughout 2021. We continue to focus on sales channel development and online and digital marketing activities for our existing key markets of China and Russia, as well as markets with potential, such as India, as we seek to diversify our buyer base. The overall Phuket residential market saw a positive impact after international arrivals resumed under the Phuket Sandbox scheme in the second half of 2021, with Russian buyers showing strong interest. 

We continue to offer a complete range of products to cater for all market segments, from affordably priced apartments and landed properties targeted at the emerging middle class in Asia through to high-end branded residential offerings. In 2021, we launched a new phase of Laguna Park 2 following the sold-out success of previous phases. Our strategy remains to unlock value from our land bank by actively rolling out new projects to market to meet ongoing demand. In 2022, we are planning new launches for the entry-level, mid-range and luxury segments.

We have seen a shift in demand to upscale and luxury segments for well-positioned branded residences because of the pandemic. People have been rethinking their lifestyle and work preferences, such as living in less densely populated locations and the ability to work from home or escape lockdowns. Luxury property buyers are also better insulated from the financial effects of the pandemic. On the other hand, the recovery for investor-driven entry-level resort condominiums and apartments has been slower. 

The real estate market is expected to rebound in the year ahead. Positive signs in the last quarter of 2021 included the easing of COVID-19 restrictions, widespread distribution of vaccines, and overall economic recovery. Nevertheless, many challenges persist, including the prolonged pandemic, political instability, emerging inflation and a still-uncertain global economic outlook, along with changing customer preferences and behaviour.

...a stronger performance by the upscale and luxury segment led to year-on-year growth in sales value.

Cassia Phuket, Thailand

Hotel Residences
Revenue recognised from hotel residences in 2021 was S$22.3 million, mainly comprising Angsana Beachfront Residences Phuket and Cassia Phuket. In the prior year, revenue recognised was S$58.7 million, largely from Angsana Beachfront Residences Phuket, Cassia Phuket and Cassia Bintan apartments, and Banyan Tree Phuket villas.

We have a healthy pipeline of sales revenue of S$42.3 million, consisting of units at Angsana Beachfront and Angsana Oceanview Residences Phuket, and Cassia Phuket and Dhawa Phuket apartments, to be recognised upon completion in 2022 and beyond.

Overall, 34 units were sold in 2021 for a total of S$29.5 million (2020: 32 units totalling S$16.4 million), namely:

Units SoldTotal
(in S$ million)
Units SoldTotal
(in S$ million)
Angsana Beachfront Residences1118.423.4
Angsana Oceanview Residences46.222.7
Banyan Tree Phuket--12.1
Cassia Phuket143.6257.7
Cassia Bintan--10.3
Dhawa Phuket51.210.2
Skypark Phuket, Thailand

Laguna Residences and Extended Stay
Revenue recognised from property sales in 2021 was S$5.8 million versus S$7.4 million in 2020, mainly from the completion of units in Laguna Park Phuket and Laguna Village Phuket.

Our pipeline of sales revenue is worth approximately S$78.4 million and comprises units at Skypark Phuket, Laguna Park Phuket and Laguna Village Phuket, to be recognised upon completion in 2022 and beyond.

Overall, 84 units were sold in 2021 totalling S$33.6 million (2020: 109 units totalling S$31.2 million), namely:

Units SoldTotal
(in S$ million)
Units SoldTotal
(in S$ million)
Laguna Park Phuket86.696.5
Laguna Village Phuket711.723.4
Skypark Phuket6915.39821.3

The Group’s Fee-based business consists of hotel, fund and club management, spa and gallery operations, and design and other services. This segment recorded total revenue of S$38.9 million in 2021. The increase of S$12.7 million or 48% over the previous year was mainly due to higher management fees from our hotels which benefitted from strong domestic demand in markets such as China and the gradual lifting of travel restrictions.

Fee-based Revenue


S$ 38.9m


S$ 26.2m

Garrya Huzhou Lucun, China

Hotel Management
Total revenue from hotel management contracts was S$24.9 million in 2021, up 149% or S$14.9 million compared to the previous year. This was due mainly to higher management fees across resorts in China and Mexico. Operating Profit increased by S$12.1 million from a loss of S$2.1 million to a profit of S$10.0 million in 2021, largely because of higher revenue. 

Outbreaks of the Delta and Omicron variants saw the Chinese government institute stricter measures that adversely affected the hospitality industry, especially during the peak seasons of Spring Festival and summer. However, strong domestic demand drove Group-managed hotels to equal their 2019 performance, with room revenue improving by 11% over 2020.  

China’s large domestic market also supported the opening of our maiden Garrya-branded hotels – Garrya Huzhou Lucun and Garrya Xi’an Lintong – in the fourth quarter of 2021. 

Asia Pacific (exclude China)
Hotels managed by the Group in the Asia Pacific region saw overall room revenue decrease by 12% year-on-year. This was mainly due to the continuation of strict travel restrictions. Nonetheless, the outlook improved in the later part of 2021, with Malaysia lifting interstate travel in mid-October. This enabled Banyan Tree Kuala Lumpur, Pavilion Hotel Kuala Lumpur Managed by Banyan Tree and Angsana Teluk Bahang, Penang, to finish the year strongly and record higher occupancy for the full year as compared to 2020. In addition, Banyan Tree Club & Spa Seoul recorded its highest total revenue since opening, with strong domestic market production and brand positioning.

We also successfully launched our first Homm property – Homm Bliss Southbeach Patong – on 1 December 2021 and attained 69% occupancy in its first month.

China’s large domestic market also supported the opening of our maiden Garrya-branded hotels

Angsana Corfu, Greece

Europe, Middle East and Africa
With continued border closures, revenue from Angsana Balaclava Mauritius dipped by 6%. In contrast, Banyan Tree Tamouda Bay, where local guests are historically the predominant source of business, posted a 55% increase in room revenue. Domestic demand was particularly robust during the June-September summer season. 

Our footprint continued to expand with the May 2021 launch of our first resort in strategic collaboration with AccorHotels. Conveniently situated in Mushaireb, the 77-key Banyan Tree Doha At La Cigale Mushaireb enjoys easy access to the attractions of Qatar’s capital city.

This was followed by the opening of Angsana Corfu, Greece, in June 2021, with 159 rooms and suites and 33 pool villas in very close proximity to the picturesque Benitses Bay.

Room revenue at our hotels in Mexico, increased by 136% or S$27.9 million, with support from the domestic market. In November 2021, we added a fourth hotel to our portfolio in Mexico. Featuring 78 spacious rooms and suites, Banyan Tree Puebla is located in the charming colonial city of Puebla, a two-hour drive from Mexico City.

Banyan Tree Puebla, Mexico

In the Pipeline
2022 will mark several key openings for Banyan Tree Group. We will be entering two new countries: Japan and Saudi Arabia. 

The opening of Dhawa Yura Kyoto (138 keys) and Garrya Nijo Castle Kyoto (25 keys) signals a new beginning for us in Japan. Situated in prime locations, both properties are designed to attract the domestic market.

Our presence in Koh Samui will be strengthened by Garrya Tongsai Bay (83 keys). With its private beach located just 15 minutes from the airport, the resort offers visitors both charm and convenience.

The first Angsana resort in Bali, Indonesia – Angsana Saranam Wellbeing Resort (80 keys), will tap the growing wellbeing segment with specially crafted offerings as well as unique rooms and villas. 

Located in the Ashar Valley near the city of AlUla in Madinah Province, Saudi Arabia, Banyan Tree AlUla (79 keys) will provide a luxury tented camp experience for discerning guests.

The Group’s expansion in China continues with the following openings in 2022: Banyan Tree Quzhou (36 keys), Angsana Quzhou (227 keys), Angsana Chengdu Wenjiang (153 keys) and Dhawa Xi’an Chanba (306 keys).

Spa and Gallery

The Group’s Spa and Gallery operations registered Operating Profit of S$2.4 million. This was attributable to prudent and effective cost management in both fixed and variable costs. With the closure of some outlets due to the pandemic, revenue declined by S$1.4 million year-on-year to S$6.5 million.


Spa Operations

Having implemented our stringent Safe Sanctuary protocols early on in the pandemic, our Spa operations continued to keep our guests and associates safe throughout the year. With 98% of our associates fully vaccinated, we have been able to go beyond assuring safety to raising our service quality and growing our Spa business worldwide. 

In tandem with the Group’s post-COVID drive towards wellbeing as an integral part of the hospitality experience, we began introducing purposeful therapy as part of our Spa services. These draw on science-based techniques, backed by years of research, to address modern-day issues such as sleep deprivation, chronic physical tension and mental fatigue. We rolled out purposeful therapy in 10 outlets in 2021, receiving a warm response from guests. The same skills that enable our associates to provide these treatments also allow them to improve their own wellbeing and connect better with our guests. 

Our efforts to provide the best spa experiences won us 10 prestigious awards during the year, bringing our total award count to 707. Wins included Forbes Travel Guide’s Five-Star Award for Banyan Tree Spa Macau, ICON Spa Awards 2021 Best Pampering Spa Treatment for Banyan Tree Spa’s Master Therapist Experience, and the Kinnari Gold Award for Banyan Tree Spa Bangkok, Banyan Tree Spa Samui and Banyan Tree Spa Phuket at the Thailand Tourism Awards 2021. 

Despite the challenges facing the hospitality and spa industries in 2021, we managed to open three new spas in China, Greece and Qatar. We have another six outlets in the pipeline for 2022, to be launched in China, Indonesia, Mexico, Saudi Arabia and Thailand. Taking into account three spa closures in 2021, as well as four tactical closures (in Ireland, Malaysia, Qatar and Sri Lanka) expected in 2022, the Group’s global portfolio of spas will expand to 65 by the end of 2022. The year ahead will see us refreshing our spa menu. We will also be conducting comprehensive Spa Audits in key outlets to ensure the consistent delivery of our service standards.

Our efforts to provide the best spa experiences won us 10 prestigious awards during the year.

Banyan Tree Spa Krabi, Thailand
Banyan Tree Nanjing Garden Expo, China
Buahan, a Banyan Tree Escape, Indonesia
Gallery Operations

The Gallery generates revenue from Retail stores on hotel premises, Shipments of orders to the Group’s hotels and spas, E-commerce, Corporate Sales and Wholesale.

Topline diversification in retail with new product and channel development reaped significant returns in 2021. Revenue from E-commerce grew 17% year-on-year, with organic traffic increasing from steady online marketing drives. Meanwhile, Corporate Sales recorded overall growth of 498% compared to the previous year. This affirms our strategy of promoting sustainable crafts by encouraging their use as gifts by corporate customers such as banks, in sectors that have remained profitable during the pandemic. 27,000 pieces from the “Safe Sanctuary” collection supporting local artisans were sold as a result. 

In 2021, we revamped our operations to support our business growth in a more productive manner. This included not only restructuring the talents on our team but also reviewing our product packaging, updating our product catalogue, and improving the supply chain cycle to reduce warehouse space. To ensure better management of cashflow, we changed the order payment structure and continue to curate the collection tightly to include only products that are relevant and well-received by customers.

The Gallery continues to play an essential role in Banyan Tree Group’s delivery of exceptional experiences and our commitment to wellbeing and sustainable sourcing. In alignment with the Group’s expanding multi-brand ecosystem, the Gallery has developed new bath and bodycare collections, with natural ingredients and eco-friendly materials, for use and sale at properties being launched under the new brands.

Revenue from E-commerce grew 17% year-on-year, with organic traffic increasing from steady online marketing drives.

Paper Clay Electric Diffuser by Banyan Tree Essentials
Design and Other Services

Design and other services registered a total revenue of S$7.5 million in 2021, down by 9% from S$8.3 million the previous year. The decrease was largely due to lower revenue earned from Golf operations, partially offset by higher architectural and design fees earned based on project milestones. 

However, Operating Loss decreased by S$1.6 million, from a loss of S$3.4 million in 2020. This was mainly because of lower staff costs and absence of the write-down of Golf properties in Bintan recorded in 2020.

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