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Hotel/resort developer’s new equity fund totals $214 million
Banyan Tree Holdings Ltd. said it has closed its first yuan renminbi-denominated private equity fund in China with total capital commitments of about $214 million (in U.S. dollars). The company said the Banyan Tree China Hospitality Fund will primarily make equity investments in mainland Chinese companies undertaking hospitality projects in that country.
“With the five resorts that we currently operate and manage in the country and another 18 in the pipeline, we will be undertaking hospitality projects in the PRC that will be operated under the company's brands of Banyan Tree and Angsana,” says Ho Kwon Ping, executive chairman of Banyan Tree Holdings. “Banyan Tree Holdings will invest an amount equivalent to at least 5 percent of the total capital commitments of the final closing.”
Banyan Tree Holdings is a manager and developer of premium resorts, hotels and spas in the Asia Pacific. Its holdings include nearly 30 resorts and hotels and more than 60 spas.
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