Sri Lanka resort planned by Banyan Tree, drops management deal

June 06, 2011 (LBO) – Singapore-based Banyan Tree Holdings said it was ending the management of a third party property in Sri Lanka but would develop its own resort on a larger scale.

The group owns a 79 percent stake in Beruwala Walk Inn, which operated the destroyed Hotel Swanee. It was earlier owned by Sri Lanka’s John Keells Holdings. Banyan Tree was managing Deer Park, a 77-room hotel in Giritalle, in north central Sri Lanka under its ‘Angsana’ brand.

“Banyan Tree’s plans for Sri Lanka encompass either single-hotel projects in iconic, pristine areas, or an integrated resort with several hotels, golf course, residential developments, and retail and spa centers,” the group said in a statement.

“The model for its envisaged Sri Lanka integrated resort is Banyan Tree’s Laguna Phuket project which was the first, and remains the largest, integrated resort in Asia. Laguna Bintan with two hotels and a golf course in Indonesia was also developed by Banyan Tree.”

A team from the firm headed by executive chairman Ho Kwon Ping had visited Sri Lanka to scout locations.

A spokesperson said the group is evaluating a number of sites.

Banyan Tree acquired