Ho Kwon Ping founded Banyan Tree resorts in 1994 after losing his family's food and property businesses to low-cost competitors. He saw a gap in the luxury resort market between very expensive boutique resorts and large hotel chains. Banyan Tree aimed to provide intimate, private villas with their own pools and spas, native furnishings, and cultural experiences starting at $500-2500 per night. The first resort opened in Phuket, Thailand, and the brand soon expanded to other locations emphasizing blending into the natural environment, supporting local communities, and promoting sustainability. By 2004 Banyan Tree had over 15 resorts, 35 spas, and 38 retail shops across 20 countries in Asia and the

1. Kamran Arshad (F-09-204) Jawad Hashmi (F-09-202)