A legacy in the making: Singapore's Banyan Group celebrates 30th anniversary
As Singapore-based global hospitality company Banyan Group marks its 30th anniversary, the Ho family reflects on the evolution and growth of the business, the vital role of the next generation and what it means to be a family in business.
When a young couple from Singapore stumbled upon a seemingly idyllic piece of land in Phuket, little did they know it was the start of a transformative journey.
Back in the 1980s, while looking to build a holiday home, Ho Kwon Ping and Claire Chiang fell in love with a plot of land in Phuket’s Bang Tao Bay. Captivated by its beautiful sunset views and blue lagoons, they decided to purchase it. They would discover later on that the vivid colour of the lagoon was due to pollution and that the site was in actual fact, an abandoned tin mine. A 1977 United Nations report even declared the land unsuitable for any type of development.
Undeterred, the couple spent years rehabilitating the land. The first Banyan Tree resort opened its doors in 1994, pioneering an all-villa concept with private pools. It was founded on the ethos of championing social and environmental efforts, which continues to resonate in all its properties today. Ho's brother, Ho Kwon Cjan, was the chief architect behind the design.
Husband-and-wife duo Ho and Chiang call themselves “accidental hoteliers”. Before venturing into hospitality, Ho was a financial journalist with a background in economics while Chiang was a sociologist.
In 2024, Banyan Group celebrates 30 years since the inception of its first brand, Banyan Tree. To commemorate this milestone, the group flew in guests and friends of the brand, including a select group of media, for a week of celebrations at Banyan Tree Phuket, the property where it all began.
The itinerary was meticulously planned to immerse guests in the Banyan Tree hospitality, featuring wellness activities like its signature Conscious Grounding experience and cultural events such as a traditional Thai blessing ceremony and alms-giving. Guests also participated in a community outreach session at a local school, engaging in painting and maintenance activities.
The celebrations culminated on Sep 27 with a gala dinner themed "Garden of Dreams". Highlights included a surprise drone show that narrated the story of Banyan Tree, culminating in a fireworks display.
BRANCHING OUT
Celebrating 30 years is a pivotal milestone for the group. In Jan 2024, the group announced a rebranding from Banyan Tree Group to Banyan Group as part of its shift into a multi-brand hospitality company.
The Banyan Group has steadily expanded its portfolio of brands, branching out from its roots in luxury hospitality to encompass the upscale and mid-tier markets. At present, it manages a total of 12 brands – aside from flagship luxury brand Banyan Tree and its two extensions Escape and Veya, these include Angsana, Cassia, Dhawa, Homm and others.
The strategy behind the group’s brand expansion is to avoid being “eaten up by bigger brands”, Ho Kwon Ping, founder and executive chairman of Banyan Group said in a media roundtable held during the celebrations.
“My goal was not to set up a brand to sell it off and make a lot of money from it, but to create something that can last. We knew all along that if we’re going to survive as an independent company, we must be more like a pyramid, with the Banyan Tree brand at the top and a bigger base of other brands,” Ho said.
The year 2024 has set a record for the group, marking the highest number of new openings to date as it expanded into several new markets both within and outside of Asia. A total of 15 hotels have opened this year, with plans to launch three more before year-end.
Banyan Group’s portfolio currently spans over 88 hotels and resorts, 72 spas and 62 galleries, and over 20 branded residences across 22 countries.
Notable recent openings include Banyan Tree Higashiyama Kyoto, the first Banyan Tree to debut in Japan. The group further expanded in East China with the openings of Banyan Tree Dongguan Songshan Lake, Banyan Tree Suzhou Shishan and Banyan Tree Yangcheng Lake, Suzhou. Broadening its international footprint, it extended its reach in Mexico with the opening of Banyan Tree Veya, Valle de Guadalupe.
BANYAN TREE’S HOMECOMING
Upcoming openings that the founders are particularly excited about include the Mandai Rainforest Resort by Banyan Tree, which will mark a homecoming for the brand as its first resort in Singapore. Set to open in May 2025, the resort is expected to mark the group's 100th opening.
“Mandai is very important, not just because it’s our first [resort in Singapore], but because it’s going to be within a wildlife reserve,” shared Ho. Situated on a 4.6 ha site, the 338-room resort comprises a four-storey building with standard and family rooms, and facilities such as a rooftop swimming pool and gym. There will also be 24 elevated seed pod-shaped treehouses set among the trees, some looking out to the reservoir.
While most nature lodges around the world cater to the luxury market, Mandai Rainforest Resort is intentionally designed to be accessible to the greater public, shared Ho Ren Yung, deputy CEO of Banyan Group and daughter of the founders.
“We are seeking to create an experience that brings people into contact with wildlife and nature in an educational manner. This involves exploring the boundary between the hotel and the wildlife reserve, whether through behind-the-scenes experiences, after-hours activities, or educational programmes for families,” said Ren Yung.
A FAMILY IN BUSINESS
A 30-year business journey comes with its fair share of challenges. When asked about the biggest mistake made over the years and the lessons learnt from it, Ho recalls his father’s advice: “When you start a business, never think of how much money you can make. Think of how much money you can afford to lose.”
“That’s wisdom because as an entrepreneur, you always think your new project is going to be great. It’s not that you want to be rich, you just want to succeed. You put a lot of money into it and then something goes wrong. There have been a few times where things went so wrong and we were close to not making it as a company,” Ho reflected.
Chiang added: “Instead of mistakes, we look at it as missteps. Every mistake gave us hindsight to learn better and to move on from it.”
Thirty years since starting the company, both Ho and Chiang, now in their 70s, are still very much active in the business. “We found alignment in our values, and we found a platform to be able to express these values,” said Chiang, who heads the Banyan Tree Foundation. “We don’t feel that we are working. We feel like we are living our values and that’s what drives what we do.”
Succession planning is on their minds. In August 2024, daughter Ren Yung, previously senior vice president of branding, was promoted to deputy CEO. In 2023, the founders’ youngest son Ho Ren Chun joined the business as director of corporate development after working as a lawyer in London and Hong Kong. (Eldest son Ho Ren Hua heads the family’s agribusiness Thai Wah, founded by Ho’s parents, and also sits on the board of Banyan Group.)
“We take to heart the issue of legacy and stewardship, and whatever we are doing now is blueprinting for the next generation,” Chiang divulged. “For myself, Claire and the next generation, we believe that having a family business is not for the privilege of owning something. It’s a huge responsibility to create a legacy that can continue for years. The family is there to serve the business, rather than the business existing to generate profits for the family,” Ho stated.
“Rather than saying we are a family business, I like to say that we are a family in business. Therefore [family members], as stewards and successors, need to subject themselves to the same discipline required to run it professionally and objectively,” Chiang said.
STEERING THE SHIP
For second generation leaders Ren Yung and Ren Chun, the 30-year milestone is a poignant time of reflection. “This is the year where I feel like past, present and future are coming together,” Ren Yung mused. “We rebranded as Banyan Group, which has revitalised our vision while staying close to our roots. We are growing faster than ever before, but we know what we stand for and we have so much hope for the future.”
The milestone is especially meaningful to Ren Chun, who also turns 30 this year. Part of his motivation for joining the family fold was to “spend quality time with my parents while they’re still in their prime and active in the business”, he shared.
“I really wanted to have the experience of walking the site with my father,” Ren Chun continued, adding that these are moments that facilitate the important transfer of “nuggets of wisdom” surrounding Banyan Tree's design principles and values.
The biggest lesson Ren Yung has learnt from her parents include never staying still. “There’s a very strong drive for experimentation and creativity [in the company]. There are often multiple initiatives that are happening at the same time that keep us quite agile, so we are able to test and learn quite a lot.”
In Asia, the pair name the upcoming Mandai resort and an integrated development in Bangkok as some of its key projects for 2025, aimed at piloting next-generation environmental design.
The Mandai Rainforest Resort aims to be the first Super Low Energy (SLE) resort in Singapore. Slated to be completed in late 2025, Ren Chun describes the project in Bangkok as a representation of “a brand evolution”, which will integrate rooms, spa, F&B, a nightclub and a membership club.
Meanwhile, “we want to strengthen our foothold and presence in key Western markets such as the US, North America, South America and Europe,” he added.
As the next generation leaders of Banyan Group, the pair see themselves as not just custodians, but stewards of the family legacy. “Custodians imply a responsibility for maintaining static legacies. But stewardship suggests you need to steer the ship. The ship must keep sailing, exploring unexpected territories and new horizons. Ideally, you want to align its course so that it continues in a direction that resonates with everyone on board,” Ren Chun mused.
To this end, the siblings are reminded of their mother’s vision for the company. “I don’t look to be listed as a Fortune 500 company, but I certainly hope that we develop a legacy that endures 500 years,” Chiang had shared with journalists during the media roundtable.
But as patriarch Ho puts it, “If we can get there sooner, why not?”
“Rather than saying we are a family business, I like to say that we are a family in business." - Claire Chiang