Banyan Tree Holdings reported Friday its first quarter had a positive operating profit and improving topline performance compared with the year-earlier quarter, while hotel revenue per available room (RevPAR) increased 46 percent on-year.
“Group-wide hotel operations continue to see recovery, with the easing of travel restrictions. All markets in the Asia Pacific with the exception of China experienced positive growth in occupancies,” the company said in a filing to SGX. “Phuket and the Maldives which are large contributors to the hotel investments segment, continue to see strong demand due to increased airlift with long haul destinations and easier travel access for vaccinated travellers. Hotel teams continue to execute a rate lift strategy after achieving stable occupancies through 1Q22.”
In addition, the Maldives properties have outpaced pre-Covid revenue performance, the filing said.