Banyan Tree Group on Thursday launched a new brand, Cassia, a one- and two-bedroom unit serviced apartment concept with flexible living and dining options.
Cassia is targeting the growing middle-class looking for affordable holiday homes and creates an opportunity to develop a hotel product in the serviced apartment segment.
“Cassia merges three of the group’s strengths, hospitality, design and real estate, to set the stage for the hotel residences of the future,” says Ho Kwon Ping, executive chairman, Banyan Tree Group. “The extended-stay segment has been overlooked in recent years so we took the opportunity to innovate and create a hospitality product that meets the demands and needs of today’s travelers.”
Five projects are already in development in Phuket, Thailand; Bintan, Indonesia; Beruwala, Sri Lanka, Gold Coast, Australia; and Lijiang, China. The company reports that 70% of Phuket and 45% of Bintan have been sold in phase one.
A further seven projects are being planned in New York City; Brisbane; Japan; Seychelles; Bangkok and Chiang Mai, Thailand; and Lang Co, Vietnam. Cassia is part of a strategic global expansion for Banyan Tree Group, which plans to grow to 66 hotels and resorts, 117 spas and 115 galleries across 33 countries by 2017.
Cassia, which takes its name, philosophy and design from the Cassia Fistula tree – bold, vibrant and striking, will offer fully furnished units for sale with prices starting at US$143,175.31 for a 35 square meter, one-bedroom apartment.
The public spaces have been designed to bring guests and associates together socially through the use of activities, games and a daily social hour.
Elements of Banyan Tree’s heritage will be found in Cassia with the development of a new spa concept and the use of fruit-based scents. Cassia guests will also be part of Banyan Tree’s Stay for Good sustainability initiatives including the crowd-sourced micro contribution, Green Imperative Fund.
Each development will have a host of facilities including a pool, gym, activity room, bar, convenience mart as well as laundry and home delivery options.