Banyan Tree sells branded properties
With branded residences emerging as a new incentive to lure property buyers, hotel and resort operator Banyan Tree Holdings has launched a property arm, Banyan Tree Residences, to sell properties under its management.
The concept of Banyan Tree Residences was to allow investors to buy their own villa, townhouse or apartment, and receive an annual guaranteed return of 6 per cent per annum for six years, the company said.
Investors would have options to renew or share in revenues generated by the property.
'Banyan Tree Residences enables investors to diversify their portfolios without worrying about managing the property when they're not there,' said Richard Skene, an assistant vice-president at Banyan Tree Residences.
Property consultants said it had emerged as a new trend as upmarket hotel or resort operators get involved in luxury property management.
The strength of branded properties provided buyers with confidence in the quality of the development, services and management, the consultants said.
Earlier, Indonesian conglomerate Salim Group teamed up with Palmerston Hotels & Resorts to manage its luxury property Residence 8 in Shanghai.
Residence 8 comprises two 31-storey towers, each with a gross floor area of 19,970 square metres.
Park Hyatt is the property manager of Park Hyatt Residences, part of Beijing & Yintai Centre in the capital, the first branded residence in the mainland.
The development is developed by China Yintai Holdings, Hyatt International and Merrill Lynch.
Four Seasons is also in partnership with Salim to manage Four Seasons Residences in Jakarta.
Banyan Tree Residences is now available at Banyan Tree properties in Phuket and Bangkok in Thailand, the Seychelles, Lijiang in Yunnan, and Bintan in Indonesia.
Owners are entitled to 60 days complimentary use of their residence every year and membership at the exclusive Banyan Tree Residence Club.
Maintenance, cleaning, landscaping, security, plus access to hotel amenities and services are also provided for owners.
Banyan Tree manages and operates 21 premium hotels and resorts worldwide.
About 30 new Banyan Tree Group hotels and resorts are slated to open by 2010.