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.