Singapore's Banyan Group Buys Newmark, Adding 26 Hotels in Africa
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The deal expands Banyan's African footprint and adds exposure to safari and nature hospitality. For business travel buyers, premium lodging supply in key African cities and reserves will grow, and brand consolidation could affect corporate rates and travel procurement choices.
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- Skift FeedSingapore'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…