Banyan Group is accelerating its expansion in Africa by acquiring a majority stake in local hotel operator Newmark Hotels & Reserves, adding 26 hotels, lodges, and reserves across seven African countries, including South Africa, Tanzania, and Uganda, to its portfolio.
On September 22, Banyan Group announced that it has entered into a strategic partnership with Newmark, headquartered in Cape Town, and will acquire a majority stake, with plans to eventually secure full ownership. Following the acquisition, Newmark's existing brands, organizational structure, and operational methods will remain intact.
Founded in 2007 in Cape Town, Newmark operates hotels, lodges, and private game reserves in Mauritius, Namibia, Nigeria, South Africa, Tanzania, Uganda, and Zimbabwe. The company has built a diverse portfolio that includes urban hotels and accommodations that combine nature and wildlife experiences.
Notable properties include the Victoria & Alfred Hotel at Cape Town's V&A Waterfront, the 11,000-hectare Kwabi Private Game Reserve located in a UNESCO biosphere reserve in South Africa, and the Gorilla Heights Lodge near Uganda's Bwindi Impenetrable National Park, home to endangered mountain gorillas.
This acquisition significantly expands Banyan Group's footprint in Africa. Currently, the group operates four hotels and four spas in Africa, including Banyan Tree Tamuda Bay in Morocco and its first safari lodge, Banyan Tree Ubuyu Escape in Tanzania. With Newmark's addition, the network will extend to Namibia, Nigeria, Uganda, and Zimbabwe.
The acquisition is also driven by the growth of the African tourism market. According to the United Nations World Tourism Organization, the number of international tourists visiting Africa reached 81 million last year, an 8% increase from the previous year. The World Travel & Tourism Council projects that Africa's travel and tourism economy will grow by 5.4% this year.
After the acquisition, Newmark will maintain its own brand and official website, along with existing booking channels. Hotels operated by Newmark will gradually be added to Banyan Group's reservation platform and will participate in the group's loyalty program, withBanyan.
Hokwan Ping, founder and chairman of Banyan Group, stated, “We welcome Newmark, which has built a solid business foundation and entrepreneurial spirit in Africa. I look forward to the new possibilities we will create together.”
* This article has been translated by AI.
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