Banyan Tree Restructures Corporate Team
Singapore-listed hospitality group Banyan Tree Hotels and Resorts is undergoing a massive restructuring of their Corporate set-up according to The Straits Times.
Gone is Chief Executive Abid Butt, Vice President of Operations Andrew Langston and David Spooner who headed Global Sales and Marketing.
Going forward industry veteran Dus Pugson has been placed in the leadership role.
Executive Chairman KP Ho has publicly stated Banyan will reduce 12% of its workforce across the chain in anticipation of an upcoming recession along with downward trading from Europe and Russia.
In the news piece there is a mention that the employment reductions will hit Phuket and Bangkok regional operations as well.
Ho added that the group is looking at expansion in the real estate sector in Australia given increasing Chinese demand.
There is no mention in the news of the Vietnam Laguna Lang Co destination resort which is under the Banyan Tree Indochina Hospitality Fund, though being a time-base investment vehicle pressure is adding to improve financial results.
Currently Banyan Tree has four brands under its portfolio including Angsana, Cassia and Dhawa.