Banyan Tree, the manager and developer of resorts, hotels and spas, says it has entered into a joint venture with the Tranzen Group to develop an integrated island resort in Coron, Palawan, in the Philippines.

Located south of Manila in Palawan Province, Isla Diwaran integrated island resort is about 20 minutes by speedboat from the town of Coron. The sprawling 55-hectare development is surrounded by stretches of white sandy beach in an area known for its coral reefs and diverse marine life, as well as some of the world’s best-known dive sites.

When fully developed, the island resort will have a total of 600 keys, three spas, a marina, and a town centre with full-fledged recreation facilities, retail and F&B outlets. This will include Banyan Tree Diwaran, which consists of 100 keys of beach, hill and water villas, and Angsana Diwaran, made up of 200 keys of one- and two-bedroom suites. A third hotel is also being planned.

Development costs for the Banyan Tree and Angsana resorts are estimated at more than US$200m and is expected to open in 2012. Banyan Tree says it has proposed the setting up of the Banyan Tree-Philippines Hospitality Fund to finance the development of Isla Diwaran and another Banyan Tree resort in the Philippines in a site yet to be identified.

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