AccorHotels invests in Banyan Tree
Banyan Tree Holdings has entered into a heads of agreement with AccorHotels.
AccorHotels will invest an initial €16 million in Banyan Tree and both parties will then co-develop the brands owned by Banyan Tree around the world.
This investment will give AccorHotels an approximate 5% stake in Banyan Tree.
Banyan Tree will also have access to AccorHotels’ global reservations and sales network, as well as its loyalty programme, Le Club AccorHotels.
Ho Kwon Ping, executive chairman of Banyan Tree, said: "This agreement is not only transformational for Banyan Tree, but is also an innovation for the global hospitality industry.
"With the current consolidation of mega hotel companies, smaller but also global players – many family-controlled – are also seeking strategic alliances with the global giants.
"Our strategic alliance with AccorHotels allows us to remain an independent company, enabling us to continue securing hotel management agreements on our own and yet accelerating Banyan Tree’s speed and scope of expansion but with AccorHotels helping us to grow our brands around the world.
"We believe this agreement will propel our brands rapidly to global reach and range and strengthen our ability to embrace change and innovation in the hospitality industry with a strong global partner."
Sebastien Bazin, CEO and chairman of AccorHotels, said: "Our collaboration with Banyan Tree is a great opportunity to complement our business proposition to owners with iconic brands, while always better servicing our guests.
"Banyan Tree Holdings has created key leading positions across Asia with luxury resorts, one of the fastest growing segments in the industry. We will bring scale to the network through our ability to develop and manage hotels under the Banyan Tree brands globally, hence strengthening our leadership in the luxury hotel space. We are confident that our investment will create incremental value for our shareholders."
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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