Singapore's Banyan Group Buys Newmark, Adding 26 Hotels in Africa

Singapore-listed Banyan Group agreed to acquire a 70% stake in Newmark Hotels & Reserves, a Cape Town-based operator of 26 hotels, lodges and private game reserves, with a path to full ownership over the next several years. According to a filing with the Singapore Exchange, the deal values Newmark at about 756 million South African rand, or $47 million. With Newmark, Banyan's portfolio grows by roughly a third to nearly 130 hotels, resorts and reserves across 14 brands in 28 countries. The purchase fits Banyan's "asset-right" strategy, a hybrid of owning some properties while managing others for third-party owners, adding fee income rather than bricks and giving Banyan a foothold in safari…