Banyan Tree Holdings Limited, a Singapore-based luxury resort operator, wants to extend its footprint in Europe and the Americas and revive projects that were put on hold during the 2008 financial crisis.
In Spain, Greece, and Mexico, Banyan Tree will resuscitate initiatives. Chairman and founder Ho Kwon Ping told Bloomberg that the company has acquired contracts to manage two buildings in Spain and aims to continue projects in Greece. lusail
Mr. Ho told Bloomberg, "We truly see Europe and America beginning to revive." "Growth was almost entirely driven by China in the last five years...but in the last six to nine months, we've seen a lot more interest in the Middle East and the Americas."
The group is banking on the economies of the United States and Europe to improve. Mr. Ho added that it also aims to benefit from Europeans flocking to Spain, the Canary Islands, and Greece as a result of recent unrest in Morocco, Tunisia, and Egypt.
According to Derek Tan, a Singapore-based analyst at DBS Vickers Research, Banyan Tree's aim "has always been to head to new locations." "It's thrilling but uncharted ground for them, so I'd advise them to proceed with caution."
Banyan Tree is a luxury hotel, resort, and spa management and development company based in Asia Pacific. According to the company's website, it boasts about 30 resorts and hotels, more than 60 spas, and three golf courses. In the following four years, the company plans to open 17 hotels, 14 of which will be in China.
According to Bloomberg, the resort operator wants to develop a facility in Morocco next year, two more in China, and one in Kerala, India, in addition to nine in China in 2015.
"While we still want to expand a lot in China, we're starting to shift our focus back to Europe and the Americas," Mr. Ho explained. "Interest is rekindling. People are resurrecting old initiatives, and funding is becoming more readily accessible."
Permission has been granted for the construction of a Greek Island Resort.
According to Bloomberg, NCH Capital Inc., a private equity group located in the United States, has received authorization from the Greek government to build a resort on the Greek island of Corfu.
According to Andi Ballta, the firm's managing director for the Western Balkans and Greece, the firm would spend 23 million euros ($32 million) on the leasehold and 75 million euros on the development of a hotel, marina, and individual dwellings.
"We looked at Greece long before anyone else did, and it placed us ahead of the competition," Mr. Ballta explained. According to him, construction might begin as early as 2015.
As the euro zone shows indications of recovery from the crisis, investors are increasingly returning to Greece. In 2013, Greek bonds returned nearly four times as much as any other government security. According to Bloomberg, this came after the coalition government kept promises made during Greece's international bailouts.
The Hellenic Republic Asset Development Fund is tasked with raising 11 billion euros from governmental asset sales by 2016. According to Bloomberg, it accepted NCH Capital's request to lease a 490,000-square-meter property in Corfu for 99 years in January, marking the first foreign investment in state-owned land in 15 years.
To generate money, the fund has identified 40 uninhabited islands and inlets that can be leased for up to 50 years.
Andreas Taprantzis, the fund's executive director for real estate, told Bloomberg, "There is increased sentiment about investment in Greece."