Newmark Hotels & Reserves has joined the Banyan Group in a deal that will see the international hospitality group take an initial majority stake in the African company.
Signed on September 17, this deal brings Newmark’s 26 properties across Mauritius, Namibia, Nigeria, South Africa, Tanzania, Uganda and Zimbabwe into Banyan Group’s portfolio. The remaining interest in Newmark is set to follow over time.
Newmark’s Founder and CEO, Neil Markovitz, and current management team will remain in their roles.
With Newmark, the combined portfolio will comprise nearly 130 hotels, lodges and reserves, more than 30 branded residences and over 140 spas and galleries across 14 hospitality and residential brands in 28 countries.
Newmark will retain its existing direct booking channels while its properties are integrated into Banyan Group’s booking platforms and guest recognition programme. This will give members access to rates and benefits at participating properties.
