BANYAN Tree Group has formed a joint venture with Thai sustainable growers The Boutique Farmers to develop a gourmet organic farm and restaurant in Chiang Mai.

 

Named ORI9IN, the farm will be officially open to the public in October this year, with ticketed options for different &ldquo journeys&rdquo such as a maize maze and a first-hand look at crop-planting and jam factories.

 

There will also be venues suitable for weddings, meetings, incentives, conferencing and exhibitions, the mainboard-listed hospitality group and The Boutique Farmers said in a joint press statement on Wednesday night.

 

Set on 350 acres (141.6 hectares) of land, the farm will feature rental spaces to grow specific ingredients as well as to test and plant overseas products for more than 15 Michelin-star chefs from Thailand&rsquo s restaurants and hotels.

 

RESORT group Banyan Tree Holdings said in a regulatory filing on Tuesday that its hotel business continues to be negatively impacted on the back of border controls and travel restrictions imposed as a result of the Covid-19 pandemic. 

 

Its hotel investment segment, which comprises owned hotels in Thailand and the Maldives, recorded " significantly lower" occupancies in April and May than in the corresponding months last year. 

 

For the five months ended May 31, 2020, occupancy stood at 36 per cent, down 39 percentage points revenue per available room was S$106, falling 42 per cent from the same period last year. 

 

In the Maldives, occupancy was at 36 per cent, falling 31 percentage points revenue per available room was S$215, down 42 per cent from last year. 

 

Against such a backdrop, overall occupancy for its hotels investment segment dropped to 34 per cent for the five months ended May 31, 2020, from 69 per cent last year. Revenue per available room fell from S$187 to S$108.

 

With the extension of Thailand' s ban on international flights till the end of June and the lack of indication of the health and safety protocols that will be in place even as the authorities in Maldives say it has plans to reopen borders in July, the group expects operating performance for the first half of the year ending June 30, 2020 to be adversely affected.

 

The group said that it expects to report a net loss in its half-year results its unaudited financial results are expected to be announced around Aug 12, 2020. 

 

" Until there is clarity on the duration, severity and consequences of the Covid-19 pandemic, the group will continue to pursue steps to reduce costs, conserve cash and diversify our sources of funding to strengthen our balance sheet," it said in its business update. 

 

It added that it is reviewing all aspects of operations, including its sales and marketing programmes, to ensure that they can meet the demand once air travel returns to normal.

 

The group had also previously announced that the board has voluntarily committed to a 15 per cent reduction in the cash fee component of their directors&rsquo fees for the financial year ended Dec 31, 2019 as a show of solidarity. 

HOSPITALITY Group Banyan Tree is undertaking a series of right-sizing and cost-saving exercises that has affected 10 to 15 per cent of its global workforce, it said in an exchange filing on Friday. 

 

The group said that it is doing this to adapt to the post-Covid-19 industry outlook.

 

The Straits Times had earlier reported Banyan Tree' s laying off about 30 per cent of its workforce in Singapore. It has around 180 people in its corporate office and headquarters in the Republic.

 

Across its various brands globally, Banyan Tree has 11,000 staff and 47 hotels across its various brands.

 

The group said it is committed to supporting this transition with transition packages recognising its employees' years of service and contribution, and has set up a flexible-employment platform to provide associates with operational roles where possible, both within the company and through industry contacts.

 

Complimentary classes for reskilling and upskilling are also being offered. It also has an alumni database to help associates in corporate and support functions in finding new roles, it said.

 

" These measures are aimed not only at short-term savings, but at continued efficiency and flexibility, enabling the company to operate effectively into the future. These measures have also been planned such that the company&rsquo s ability to operate and respond to market demand at any time is not compromised, it said.

https://www.businesstimes.com.sg/companies-markets/banyan-tree-restructures-amid-covid-19-hit-lays-off-10-15-of-global-workforce