financeSkift··1 min·For: Owner, Investor, Revenue
Banyan Group Buys Newmark to Add 26 African Hotels
Singapore-listed Banyan Group has acquired a 70% stake in Cape Town's Newmark Hotels & Reserves, valuing the operator at roughly $47 million. The asset-light transaction expands Banyan's global footprint by nearly a third and establishes a foothold in African nature and safari hospitality.
Key Takeaways
- 1Banyan Group acquired a 70% stake in Newmark with a pathway to 100% ownership over several years.
- 2The deal values the South African operator of 26 hotels, lodges, and reserves at $47 million.
- 3Banyan's total portfolio expands by nearly a third to almost 130 properties across 14 brands.
Source: Skift
Keep reading
Our reporting
More in finance