SINGAPORE – April 8, 2021 – Pegasus Investment and Consultancy JSC (“Pegasus”) and Banyan Tree Hotels & Resorts today signed a hotel management agreement to operate Dhawa Quy Nhon Vietnam upon the completion of the resort, expected in 2023. Aiming to create an international tourist destination with beautiful landscape and architectural design, Dhawa Quy Nhon Vietnam will be managed by highly-acclaimed and deeply experienced Singapore hotel operator – Banyan Tree Hotels & Resorts – under its Dhawa brand.
With an estimated total investment value of S$100 million, Dhawa Quy Nhon Vietnam is the second phase of Pegasus Education Tourism Development. The development’s first phase kicked off with the opening of Outward Bound Vietnam (“OBV”) in 2016 and its third phase will comprise eco-residences. Pegasus Education Tourism Development spanning about 60 hectares with its own beach front is part of Pegasus Chairman Mr Ricky Tan’s vision to combine educational facilities with resorts and residences.
Mr Tan said: “Pegasus Education Tourism Development entrenches our long-term commitment and investments in Vietnam. As a Singapore enterprise, our latest investment signals our strong confidence in Vietnam’s economic development and growth prospects.
“Following the successful operations of Outward Bound Vietnam, we are proud to be commencing the second phase of development of Pegasus Education Tourism Development with a strong partner in the internationally-recognised Banyan Tree Hotels & Resorts to manage the resort under the Dhawa brand. We will offer the first-of-its-kind resort situated in a mixed education tourism development in Vietnam.”
“With Covid-19 vaccination programmes underway globally and in Vietnam, we believe Dhawa Quy Nhon Vietnam will benefit from the pent-up demand of leisure travel, especially in nature-based resort environments, when borders reopen and domestic tourism recovers. We are optimistic about the strength of the economy in Vietnam and long-term prospects of the tourism sector in Vietnam,” added Mr Tan.
Mr Ho Kwon Ping, Executive Chairman of Banyan Tree Holdings Limited, said: “As a global independent hospitality company and an evolving multi-branded ecosystem with Wellbeing and Sustainability at our core, we set our eyes on the global front to strategically grow our brands to global reach and range. Our robust momentum in business development and pipeline of new openings this year will continue to accelerate Banyan Tree Group’s international presence as we chart and connect guests to new awe-inspiring destinations.
“As the world tourism gradually rebounds, this signing marks Banyan Tree Group’s continued growth and our second Dhawa resort signed in Vietnam. The Vietnam economy has proven its resilience in the face of Covid-19. This strategic partnership highlights the like-minded collaboration and entrepreneurship of two homegrown brands with strong overseas footprints. We are excited to be working alongside our fellow Singaporean company – Pegasus, on their mixed education tourism development.”
Inspired by paddy terraces, Dhawa Quy Nhon Vietnam sits on 10.5 hectares of land and is sited on tiered platforms in a step-down manner towards the seafront. The resort is planned around the idea of appreciation of the panoramic sea views and sensitivity to the natural topography of the area. Banyan Tree Hotels & Resorts’ Dhawa brand complements the design philosophy of the resort, with its emphasis on sustainable design and environmental protection. The Dhawa brand targets design-savvy travellers who seek distinctive experiences in stylish, unique destinations by offering a casual and contemporary full-service hotel concept. It fuses imaginative design and absolute comfort for a truly customised stay. Built with sensitivity to the natural environment and expected to be operational by 2023, the design-savvy resort will have 240 rooms when fully completed.
To cater to participants’ demand for modern and luxurious accommodations, Dhawa Quy Nhon Vietnam was born and situated strategically beside OBV. OBV is a pioneering outdoor experiential education campus equipped with state-of-the-art facilities and is licensed by Outward Bound International, where summer campers, corporate staff and students take part in bespoke training programmes to build character, leadership, and camaraderie. OBV has partnered leading companies, higher institutions (e.g. Republic Polytechnic in Singapore) and numerous international schools in the region.
The Binh Dinh province in central Vietnam is gaining popularity as a destination for tourism and hospitality, with a unique and ideal combination of historical structures, untouched beaches and lush greenery. Aside from derived demand from OBV, international tourists will also be drawn to Dhawa Quy Nhon Vietnam‘s tranquil yet contemporary setting for an immersive experience.
While the world economy was severely impacted by the Covid-19 pandemic in 2020, Vietnam’s economy maintained a GDP growth of 2.9%[1]. The relative strength of Vietnam’s performance was largely due to its success in bringing the Covid-19 outbreak swiftly under control, despite the pandemic’s impact on domestic economic activity and tourism inflows. With the deployment of Covid-19 vaccines and expected reopening of borders, tourism is poised for recovery. According to JLL’s poll of 100 investors in January 2021, approximately 70% are bullish on the long-term prospects of Asia-Pacific hotel industry, despite ongoing Covid-19 pressures on the tourism and hospitality sectors[2]. As optimism around recovery builds, Southeast Asia is one of the most desirable hotel investment markets in Asia-Pacific, owing to strong demand dynamics and positive long-term fundamentals.
