Banyan Tree inks deal with Pegasus to manage resort in Vietnam

Banyan Tree Hotels & Resorts has signed a hotel management agreement with Pegasus Investment and Consultancy JSC to operate Dhawa Quy Nhon Vietnam, which is expected to be operational by 2023.

Dhawa Quy Nhon Vietnam will be managed by Banyan Tree Hotels & Resorts under its Dhawa brand. Inspired by paddy terraces, the 240-key resort will sit on 10.5ha of land and is sited on tiered platforms that leads towards the seafront.

Pegasus’ Abdul Rashid (left) and Banyan Tree Holdings’ Eddy See at the signing ceremony to operate Dhawa Quy Nhon Vietnam

With an estimated total investment value of S$100 million (US$74.5 million), Dhawa Quy Nhon Vietnam is the second phase of the Pegasus Education Tourism Development project, which will combine educational facilities with resorts and residences. The development’s first phase kicked off with the opening of outdoor experiential education campus Outward Bound Vietnam in 2016. Its third phase will comprise eco-residences.

Ho Kwon Ping, executive chairman of Banyan Tree Holdings, said: “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.”