Asian spa and resort operator Banyan Tree is to enter the Philippines with a joint venture development on Dinaran Island.
Banyan Tree has entered into an agreement with businessman Salvador B Zamora II to jointly develop and operate two luxury resorts on the uninhabited island, at a total cost of US$70m (48m euro, £35.8m).
Banyan Tree will masterplan and provide architectural and interior design concepts for both resorts on the 55-hectare island, which will include spas, as well as the group's signature pool villas.
The entire project will be completed by 2010.
