The Board of Directors of Banyan Tree Holdings Limited wishes to announce that its wholly-owned subsidiary, Banyan Tree Hotels & Resorts Pte. Ltd., had through its wholly-owned subsidiary, Hotelspa Pte. Ltd., acquired a 20% equity interest in Lotes 3 Servicios, S.A. de C.V. ("Lotes") for a total cash consideration of Mexican Pesos ("Pesos") 10,000 (approximately US$965).
Lotes, which is incorporated in Mexico, has an authorised and paid-up capital of Pesos 50,000 (approximately US$4,825). The principal activity of Lotes is to provide business management and services.