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Banyan Tree to manage resorts in Omani IR devt

BANYAN Tree has signed a management contract with Jabal Resorts LLC for the development of two resorts within one of the largest integrated resort (IR) developments in Sifah, Oman.

The Banyan Tree and Angsana resorts are positioned as the anchor properties in the 650 hectare property which will include over five hotels, more than 450 villas and 500 apartments for sale, a marina town, retail facilities and an 18-hole golf course.

Banyan Tree’s involvement at this point in time involves just the management deal, a spokeswoman told BT. ‘We will be managing both Banyan Tree and Angsana resorts in this five-hotel integrated resort development. This would be inclusive of the spas, retail galleries and food & beverage outlets within the two resorts,’ she said.

In addition, the group’s in-house design division, Architrave Design and Planning, will receive fees for the design of both resort properties, which will comprise over 210 villas and suites and more than 120 residential units for sale.

Both resorts are expected to be completed in 2010 and Banyan Tree does not expect the new developments to have any material impact on its earnings and net tangible assets for 2007.

‘We are very excited about this project, as it will be an opportunity for us to introduce both the Banyan Tree and Angsana brands into a single resort in Oman,’ said executive chairman Ho Kwon Ping.

The Oman project follows from the group’s continued strategy of expansion in the Middle East. It currently has 11 properties in the region slated to open over the next few years, including developments in Abu Dhabi, Dubai, Fujairah, Jordan and Oman.

 

Source: Business Times 14 Dec 07

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