29th Aug 2007 11:05
Ottoman Fund Limited (The)29 August 2007 For immediate release 29 August 2007 The Ottoman Fund Limited Banyan Tree engaged for Bodrum development The Ottoman Fund, which invests in the development of local housing and holidayhomes in the major cities and coastal resorts of Turkey, is pleased to announcethe signing of a management agreement and interior design services agreementwith Banyan Tree Hotels & Resorts Pte. Ltd for its development project inGolturkbuku, Bodrum. The Banyan Tree branded residences will be the first luxury spa and residencedevelopment of its kind in southern Turkey. Banyan Tree will manage the resort,residences and spa and will also provide the interior design concept which willinclude its signature pool villas and multi-award winning spa. The Fund's siteat Golturkbuku was selected by Banyan Tree following an extensive review of allavailable locations in the Bodrum area. The development of the 185,175 square metre site, which the Fund acquired forUS$38.6 million, will be positioned as Bodrum's destination spa resort and willcater to the growing demand for luxury spas in Turkey. The Chairman of the Fund, Sir Timothy Daunt said: "We are delighted that BanyanTree, with their global reputation for luxury resorts and spas, have chosen ourdevelopment in Golturkbuku as their first resort in Turkey. Banyan Tree'sinvolvement is a validation of the Fund's decision to invest in the project andis expected to enhance both the reputation of the Fund locally and the salesprices that can be achieved for the development." About Banyan Tree Holdings Limited Listed on the Singapore Stock Exchange, Banyan Tree Holdings Limited is aleading manager and developer of premium resorts, hotels, residences and spas inthe Asia Pacific, with management and/or ownership interest in 22 resorts andhotels, and 59 spas, in locations including Thailand, Bahrain, the Maldives andthe Seychelles. Banyan Tree's spas are one of the key features in their resorts and hotels,which typically have between 50 and 100 rooms and command premium room rates. The Banyan Tree group's primary business is centered around two award winningbrands: Banyan Tree and Angsana, of which the latter includes the Colours ofAngsana product line. Banyan Tree also operates the leading integrated resort inThailand - Laguna Phuket, through the Group's subsidiary, Laguna Resorts &Hotels Public Company Limited. Since the launch of the first Banyan Tree resort, Banyan Tree Phuket, in 1994,Banyan Tree has received over 300 awards and accolades for the resorts, hotelsand spas that the Group manages, including Conde Naste Traveller's FavouriteOverseas Spa Hotel. The Group has also received recognition for its commitmentto environmental protection and emphasis on corporate social responsibility. List of contacts Development Capital Management 020 7355 7600Tom PridmoreRoger Hornett Buchanan Communications 020 7466 5000Charles RylandIsabel Podda Numis Securities 020 7260 1000Bruce Garrow This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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