Banyan Group Acquires 70% Stake in Newmark Hotels, Expanding Portfolio to 130 Properties Across 28 Countries
🏨 Banyan Group is expanding into Africa by acquiring a 70% stake in Newmark Hotels & Reserves, based in Cape Town, with intentions for full ownership. The deal is valued at 756 million South African rand ($47 million). This acquisition increases Banyan's portfolio by one-third, totaling nearly 130 properties across 14 brands in 28 countries. Banyan employs an "asset-right" strategy, combining property ownership with third-party management.
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