EXECUTIVE CHAIRMAN’S STATEMENT
Ho KwonPing
Founder & Executive Chairman
The Group performed well in 2023, despite challenging market conditions including a slowing world economy, heightened geopolitical tensions and a weaker-than-expected recovery in China. As compared to 2022, revenue increased by 21% to S$327.9 million, while Core Operating Profit more than doubled to S$51.9 million.
Our Multi-Brand Transformation
Key to our success has been the transformation of our portfolio, from a single luxury brand to a portfolio of brands ranging from luxury to mid-scale. We continued our brand expansion in 2023, launching micro-hotel brand Folio and boutique brand extension Angsana Heritage Collection. Like our entire portfolio, these brands offer design-led experiences, a sense of place and an emphasis on sustainability.
Of all the countries we operate in, almost half now carry our multi-branded presence. With most of these being high-growth destinations and with newer brands comprising about half of our pipeline, we are poised to capture a wider range of guests while connecting loyal ones with new destinations.
With our mission of stewardship and responsible tourism, we continue to be the original trailblazer for inclusive growth and sustainable hospitality.
Our Resilient Business
Amid the turbulence of recent years, the Group’s resilience has shone, with three strong segments—Hotel Investments, Fee-based and Residences—supporting the business. Hotels owned and managed by the Group performed well in 2023, bolstered by Residences, which set a record of S$267.8 million in new sales.
China remains a strategically important market for us. One of the largest feeder markets for tourism worldwide, it represents a third of our portfolio and a substantial part of our fast-growing pipeline. With this in mind, we concluded a buyback deal with China Vanke in 2023 to streamline our strategic decision-making, enabling us to be more responsive to market dynamics and enhancing day-to-day operational efficiency. This further solidifies the Group’s position as a major hospitality player.
Sustainability and Stewardship
With our mission of stewardship and responsible tourism, we continue to be the original trailblazer for inclusive growth and sustainable hospitality. While we have always championed ecologically sensitive design, the launch of development at Laguna Lakelands in December 2023 ushers in an exciting new era of immersive living. Spanning 110 hectares, our most ambitious nature-integrated development will feature a Rainforest park, over 10 km of treetop skywalks and six distinct zones—orchard, lakeside, lagoon, valley and forest.
The Group is also in the process of aligning with United Nations Climate Science-based Targets to develop a comprehensive 2030 Sustainability Roadmap. This will ensure that both environmental and human capital development are consistent with our founding ethos of Embracing the Environment, Empowering People.
A Powerhouse with Purpose
Our pioneering spirit and commitment to both design-led experiences and purpose-driven, responsible development have propelled our evolution into a dynamic, multi-brand hospitality powerhouse. Reflecting this, as of 11 January 2024, we have introduced a shift in brand name from “Banyan Tree Group” to simply “Banyan Group”. The core beliefs and values that have guided the Group to this milestone will continue to underpin our growth strategy.
My appreciation goes to our Board members, associates, guests, partners and shareholders for helping us to create long-term value and a healthy triple bottom line—economic, social and environmental—for all our stakeholders and destinations.
I look forward to your support as Banyan Group remains a force for positive change, for people and the planet.