SINGAPORE (Dec 18): Banyan Tree Group is continuing its global expansion with the successful signing of 26 hotel agreements for its four brands in 2018.

The 26 hotels include five Banyan Tree, 10 Angsana, two Cassia and nine Dhawa hotels and resorts, encompassing 17 projects in China and the rest in Oceania, ASEAN, and Europe. The group targets to have the hotels operational over the next three years.

These hotels are on top of the group’s current 48 hotels in operation as at end-2018 and seven new hotels slated to open in 2019.

Separately, the group also has other projects under negotiation and introduced by its new partners, Accor and Vanke, which became minority investors of Banyan Tree Holdings, as well as strategic partners.

See: Banyan Tree enters into strategic collaboration with AccorHotels

See also: Banyan Tree forms JV with Vanke to consolidate China assets

Currently, about a dozen projects initiated through the group’s partnerships with Vanke and Accor are in active negotiations.

Ho Kwon Ping, executive chairman of Banyan Tree says: "Our strong momentum in business development and securing hotel management agreements on our own this year will accelerate Banyan Tree Group's speed and scope of expansion to grow our brands around the world. We are excited and committed to propel our brands rapidly to global reach and range while strengthening our ability to embrace change and innovation in the ever-evolving hospitality industry.”

As at 2.50pm, shares in Banyan Tree are trading at 56 cents.