The April-June quarter had been a tough one for luxury resorts operator, Banyan Tree, for it posted huge financial losses. The company’s loss doubled to S$9.2 million on a year-over-year basis. Revenue grew by only two percent to S$60.7 million mostly contributed by its hotels and resorts in
Banyan Tree blamed the anti-government riot in
Added with it, the volcanic ash cloud of
The company recently sold its Dusit Laguna Phuket hotel to Dusit Thani Public Company for around S$110 million. The company will also going to sell its Dusit Laguna Phuket hotel and looking forward to make a gain of S$68.4 million
Due to its economic growth, the burgeoning upper middle class group makes it a great market for Banyan Tree. The company received good response for the Banyan Tree Hospitality Fund valued at US $150 million.