The most expensive resort in the world slashed its price by $55,000 during the pandemic and is trying to give itself a total rebrand

• Banwa Private Island, the most expensive resort in the world, cut its nightly rate from $100,000 to $45,000.
• The resort wants to shed its title — and reputation — as the world's most expensive resort.

The most expensive resort in the world is ready for a rebrand.

When the Philippines' Banwa Private Island had its soft opening in May 2019, it boasted a nightly rate of $100,000. The luxury resort offered six oceanfront beach villas, spacious Jacuzzis, and infinity pools — that's in addition to 12 garden rooms with panoramic views of the island. The grounds were replete with everything from spas to elevated bar lounges, and guests had access to jet skis and yachts.

Then came a pandemic-related closure in 2020. When the resort reopened in May 2021, it was to a greatly reduced cost: Its new nightly rate was $45,000.

The reduced rate is part of the resort's effort to revamp its reputation as the world's most expensive resort.

"We don't want to claim that title right now," the resort's marketing consultant, Judith Los Banos, told Insider on a video call. "We had a different team [when it launched] who wanted to market it as the most expensive," she added.

Banwa now wants to be known as an "air travel bubble" destination that offers "crowd-free" luxury holidays amid the pandemic. It's cut down capacity, too: Banwa now allows 36 people to stay on the island during charters, down from 48 guests when it first opened. The resort formed a partnership with aviation company Ascent Flights Global in December to introduce private air travel to their guests, per their website.

"We want the guests to be more comfortable and to have [more] privacy," said Los Banos.

The discounted price comes with a minimum three-night stay, which means that even with the price cut, guests have to spend at least $135,000 to charter the island.

The resort was initially only for exclusive charters, but Los Banos said individual villas are now also available for bookings. The nightly rate for a villa starts from $2,500 for two guests, with a three-night minimum stay.

Los Banos said the villas are the most popular option for guests staying on the island. Each villa comes with a private butler and full board meals, which include breakfast, lunch, a choice of afternoon snack, and dinner.

Paying a premium for personal attention — and privacy

Banwa may have an outsized reputation because of its price tag, but it hasn't played host to many guests.

"There were some days we didn't have any guests," Los Banos said.

Los Banos estimated that "almost" 100 guests have stayed on the island. She added that the resort's clientele are "very private people [who] don't usually have social media accounts."

Fiona Harper, a travel writer who visited Banwa on a media tour in 2019, told Insider the "personal attention from the staff" was what made the island special.

"Much of the value at this high end [resort] is in the privacy it buys," Harper added.

The resort is located in tourist paradise Palawan in the Sulu Sea, where many of the country's most famous private islands are located.

One these islands is Amanpulo, which is managed by Aman Resorts, the famed hospitality company with resorts in places like New York, Venice, and Bali. The resort's nightly rate for its villas start from around $1,430. Amanpulo boasts a star-studded clientele, including celebrities like Bill Gates, Mariah Carey, and Beyonce.

"Banwa is in the Sulu Sea so it's not as popular as other beaches," said Los Banos on what sets them apart from other resorts. "It's a garden island with a beautiful landscape, without dangerous animals like other parts of Palawan. It's like a private sanctuary," she added.