Banyan Group has acquired a majority holding in South Africa-based hospitality management company Newmark Hotels & Reserves via a phased ownership arrangement.
The move is expected to result in full ownership over time.
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Financial terms of the deal remain undisclosed.
Through the agreement, Newmark will become part of Banyan Group as a collection brand.
It brings a managed portfolio of 26 hotels, lodges and reserves in seven countries, including Mauritius, Namibia, South Africa, Tanzania, Uganda and Zimbabwe. Newmark will keep its current brand, staff structure and local operating model.
After the addition of Newmark Collection, Banyan Group’s portfolio will total nearly 130 hotels, resorts and reserves; more than 30 branded residences; and over 140 spas and galleries across 14 hospitality and residential brands in 28 countries.
Banyan Group founder and executive chairman Ho Kwon Ping said: “We welcome Newmark to Banyan Group with confidence in the strength of the business it has built in Africa and the entrepreneurial spirit that has shaped it.
“We see in Newmark many of the qualities that shaped Banyan Group from the beginning: independence of thought, a long-term view and the conviction to build something distinctive. We look forward to what we can build together across Africa.”
The transaction links Newmark’s regional operating experience and hospitality management platform in city, nature and wildlife properties with Banyan Group’s distribution, development and commercial network.
Newmark was established in 2007 by Neil Markovitz, whose work in Cape Town’s hospitality sector dates from 1990 and includes a period as general manager of the Victoria & Alfred Hotel.
Located in a converted warehouse dating from 1904 and overlooking Cape Town harbour and Table Mountain, the hotel was the first to open at the V&A Waterfront and later became one of the earliest assets in Newmark’s portfolio.
Africa has formed a larger part of Banyan Group’s growth in recent years.
Its current presence on the continent includes four hotels and four spas in Morocco, Mauritius, South Africa and Tanzania. The group is also preparing to enter West Africa through the planned opening of Dhawa Ouidah in Benin.
The Newmark deal widens Banyan Group’s footprint to Namibia, Nigeria, Uganda and Zimbabwe, and adds experience in wildlife and nature-based hospitality.
Newmark will continue to operate under its existing brand and leadership, with Neil Markovitz and the current management team remaining in place.
The company will also keep its own brand identity and direct booking channels, including the Newmark website.
In time, Newmark properties will also be listed on Banyan Group’s booking platforms and take part in withBanyan, its guest recognition programme.
Newmark Hotels & Reserves CEO and founder Neil Markovitz said: “Over nearly two decades, Newmark has built its business through strong teams, trusted owner and partner relationships and a portfolio where each property retains its own identity.
“Joining Banyan Group gives us greater international reach and access to a wider network of expertise while retaining what has made Newmark successful. It also gives us greater scope to introduce travellers around the world to the destinations and experiences across our portfolio.”
