Banyan Tree Holdings acquires African hospitality firm Newmark Hotels & Reserves for $60 mil

Felicia Tan

Sep 17

The acquisition will bring Banyan's total portfolio to nearly 130 hotels, resorts and reserves, more than 30 branded residences, and over 140 spas and galleries.Banyan Tree Holdings has entered into a...

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On Sept 17, Banyan entered into a share purchase and subscription agreement to acquire and subscribe to all the shares of Newmark. Newmark will, in turn, repurchase all of the shares from its trustees, Natreb Trust and KCSA PE 1 Proprietary Limited. The acquisition, subscription and repurchase will be conducted in two tranches; Banyan will acquire a 70% stake in Newmark first before acquiring the remaining 30% subsequently. The total amount will come up to around ZAR756 million ($60 million).\nAs part of the partnership, Newmark, with its managed portfolio of 26 hotels, lodges and reserves across seven countries including Mauritius, Namibia, Nigeria and South Africa, will join Banyan Group as a collection brand.\nThe addition of Newmark's portfolio brings Banyan's total portfolio to nearly 130 hotels, resorts and reserves, more than 30 branded residences, and over 140 spas and galleries across 14 hospitality and residential brands in 28 countries.\n\"We welcome Newmark to Banyan Group with confidence in the strength of the business it has built in Africa and the entrepreneurial spirit that has shaped it,\" says Ho Kwon Ping, founder and executive chairman of Banyan Group. \"We see in Newmark many of the qualities that shaped Banyan Group from the beginning: independence of thought, a longterm view and the conviction to build something distinctive. We look forward to what we can build together across Africa.\"\nEddy See, president and CEO of Banyan Group adds that Africa is a \"long-term growth market\" for the group.\n\"Over nearly two decades, Newmark has built its business through strong teams, trusted owner and partner relationships and a portfolio where each property retains its own identity,\" says Neil Markovitz, founder and CEO of Newmark Hotels & Reserves. \"Joining Banyan Group gives us greater international reach and access to a wider network of expertise while retaining what has made Newmark successful. It also gives us greater scope to introduce travellers around the world to the destinations and experiences across our portfolio.\"\nShares in Banyan Tree Holdings closed flat at 49.5 cents on Sept 17.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"corporation,merge","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}