Today, Banyan Tree Group announces the signing of Banyan Tree Veya Bacalar, set to open early 2025 in Mexico s Bacalar Lagoon region located in the southern part of Quintana Roo. The $28 million, 40-key resort marks Banyan Tree Group s sixth location in Mexico and third in the Yucatán Region, where the Group continues to expand its multi-brand portfolio of hotels, resorts, galleries, golf, spas and residences. Situated a few hours south of traditional tourist destinations and 30 minutes north of the Belize border, Bacalar is best known for its crystal-clear waters that native Mayans call "the Lagoon of the Seven Colors," referring to the water s multiple hues of blue, from turquoise to deep-sea indigo. This serene natural environment is an ideal location for the Group s newly launched Veya brand, one that provides guests with a holistic wellbeing experience.