Mgmt/Agreement - Bodrum Site

RNS Number:9271C
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 holiday
homes in the major cities and coastal resorts of Turkey, is pleased to announce
the signing of a management agreement and interior design services agreement
with Banyan Tree Hotels & Resorts Pte. Ltd for its development project in
Golturkbuku, Bodrum.


The Banyan Tree branded residences will be the first luxury spa and residence
development of its kind in southern Turkey. Banyan Tree will manage the resort,
residences and spa and will also provide the interior design concept which will
include its signature pool villas and multi-award winning spa. The Fund's site
at Golturkbuku was selected by Banyan Tree following an extensive review of all
available locations in the Bodrum area.


The development of the 185,175 square metre site, which the Fund acquired for
US$38.6 million, will be positioned as Bodrum's destination spa resort and will
cater to the growing demand for luxury spas in Turkey.


The Chairman of the Fund, Sir Timothy Daunt said: "We are delighted that Banyan
Tree, with their global reputation for luxury resorts and spas, have chosen our
development in Golturkbuku as their first resort in Turkey. Banyan Tree's
involvement is a validation of the Fund's decision to invest in the project and
is expected to enhance both the reputation of the Fund locally and the sales
prices that can be achieved for the development."



About Banyan Tree Holdings Limited


Listed on the Singapore Stock Exchange, Banyan Tree Holdings Limited is a
leading manager and developer of premium resorts, hotels, residences and spas in
the Asia Pacific, with management and/or ownership interest in 22 resorts and
hotels, and 59 spas, in locations including Thailand, Bahrain, the Maldives and
the 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 winning
brands: Banyan Tree and Angsana, of which the latter includes the Colours of
Angsana product line. Banyan Tree also operates the leading integrated resort in
Thailand - 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, hotels
and spas that the Group manages, including Conde Naste Traveller's Favourite
Overseas Spa Hotel. The Group has also received recognition for its commitment
to environmental protection and emphasis on corporate social responsibility.



List of contacts

Development Capital Management 020 7355 7600
Tom Pridmore
Roger Hornett

Buchanan Communications 020 7466 5000
Charles Ryland
Isabel Podda

Numis Securities 020 7260 1000
Bruce Garrow




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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