Singapore’s Banyan Group Buys Newmark to Add 26 Hotels in Africa

Skift Take The owner of the Banyan Tree brand has taken a majority stake in a Cape Town safari and lodge operator. The deal is asset-light, adding fee income instead of bricks, and gives Banyan a foothold in safari and nature hospitality. Banyan Group is buying its way into Africa. The Singapore-listed hospitality company, best known for its Banyan Tree resorts, 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. The deal values Newmark at about 756 million South African rand, or $47 million, according to a filing with the Singapore Exchange (embedded below). 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 a strategy Banyan calls "asset-right," a hybrid of owning some properties while managing others for third-party owners. Newmark, which will operate as a collection brand within Banyan's p