Executive
Chairman’s
Statement
Building Back Better
In our 28-year history, Banyan Tree Group has weathered many storms and emerged from each stronger than before. The COVID-19 pandemic was no exception. Our commitment to sustainability, diversification and quality has enabled us to create long-term value for all our stakeholders and destinations where we do business.
Pioneering Stewardship, Design and Experience
We were ahead of the curve envisioning sustainable tourism when we developed our first resort in Phuket. Similarly, we anticipated the appetite for purposeful travel centred on wellbeing and nature. We unveiled new concepts and brands at a time when many in the industry kept a low profile. We brought these offerings to reality in 2022, expanding our portfolio including in new markets.
Our Banyan Tree Wellbeing Sanctuaries combine a leisure vacation with wellbeing elements, and have found our customers are willing to pay a premium of up to 30% for this. We plan to roll this offering out at all Banyan Tree branded properties by end-2024.
In the quest for the continual relevance of our aspirational brands, we invest in innovating their experiential offerings while keeping core attributes. For accommodations, we explore leading-edge design blending nature and culture, experimenting with off-the-grid concepts that employ a light touch. Embodying this is Buahan, a Banyan Tree Escape. With its innovative design, service experience and business model, it has exceeded performance targets and revitalised the Banyan Tree brand, attracting acclaim from TIME and The New York Times.
Our ecosystem of brands gained 86 awards in 2022, bringing the all-time total to over 3,000 awards. At the Condé Nast Traveller Readers’ Choice Awards 2022, the Top Resorts in Thailand included Angsana Laguna Phuket (6th) and Banyan Tree Koh Samui (10th). Meanwhile, Travel + Leisure ranked Banyan Tree Hotels & Resorts among its Top 25 Hotel Brands in the World for a second consecutive year.
Embodying this is Buahan, a Banyan Tree Escape. With its innovative design, service experience and business model, it has exceeded performance targets and revitalised the Banyan Tree brand, attracting acclaim from TIME and The New York Times.
Promoting Inclusion and Wellbeing within
Such accomplishments are made possible by the ingenuity and dedication of our associates.Â
Besides the enhanced commercial performance of the Group as a whole, we are particularly proud of the fact that with our ongoing efforts including our Associate Wellbeing Program, our Associate Wellbeing Index has recorded an 8% improvement in key areas since 2021. Our associates are at the heart of our business and this commitment remains unwavering. We believe that people perform best when mentally, physically and emotionally healthy.
Operating across 23 countries and with over 50 nationalities within our associate family, our diverse cultures and backgrounds are a key factor in our success. Our gender pay gap as reported in our Sustainability Report is below 2%, whilst the ratio of women in leadership positions ranges from 35% to 49% at the property level.Â
Embedding our values and sustainability in the Group’s business strategy is a function of the Board. I am grateful for their counsel and thank Mr Jason Chew Van Hoong for his contributions. I look forward to working with his successor, Mr Abdulla Ali M A Al-Kuwari, who joined the Board in August 2022.Â
I would also like to express appreciation for our associates, customers, partners and shareholders. Together we have shown resilience, and together we will navigate the next chapter of Banyan Tree Group.
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Ho KwonPing
Founder and Executive Chairman
