Banyan Tree to sell Seychelles assets for US$70m to Middle East buyer
BANYAN Tree Holdings on Tuesday said it plans to sell its entire assets portfolio in Seychelles for US$70 million to a buyer from the Middle East, but will continue to manage Banyan Tree Resort Seychelles under a hotel management agreement.
The portfolio comprises the Banyan Tree Resort as well as all the land plots it owns in Seychelles.
It said the sale is part of the group's strategy on "rebalancing its assets in the normal course of business" and to unlock the value of its mature assets to create greater value from other markets.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Prosper Cap halts operations at UK hotel after fire breaks out
DBS chief expects 2024 earnings to hit new highs as Q1 profit rises 15% to S$2.95 billion
Banking giants race to Riyadh as MBS steps up pressure campaign
BlackRock, Citadel reap billion-dollar deals from Australia fund
Credit Suisse faces 50 billion won South Korea short-sale fine
Nvidia supplier SK Hynix says HBM chips almost sold out for 2025