Accor Hotels and Banyan Tree group signs partnership agreement
Accor Hotels and the Banyan Tree group have announced a partnership that will see Accor acquire around a 5% stake in Banyan Tree Holdings.
The agreement sees Accor Hotels make an initial investment of £13 million into the family-owned Banyan Tree group.
Accor also has the option to purchase an additional stake of approximately 5% in Banyan Tree at a later stage.
In an official statement, the two hotel groups announced that they “intend to develop and manage Banyan Tree-branded hotels around the world” under the agreement.
The partnerships will also see Banyan Tree gain access to Accor’s global sales and reservations network, and its worldwide loyalty programme, Le Club Accor Hotels.
Banyan Tree’s executive chairman Ho Kwon Ping said: “Our strategic alliance with Accor Hotels allows us to remain an independent company and continue securing hotel management agreements, but with Accor Hotels helping us grow our brands around the world.
“We believe this agreement will rapidly propel our brands to global reach and strengthen our ability to embrace change in the hospitality industry. We’re excited about and committed to this partnership.”
Banyan Tree Holdings’ global leisure and hospitality portfolio comprises 43 hotels and resorts, 64 spas, 77 retail spaces and three golf courses in 28 countries. The group has a further 15 hotels and resorts under construction and 22 under development.
Sebastien Bazin, chief executive and chairman of Accor Hotels, said: “Our collaboration with Banyan Tree is a great opportunity to complement our business proposition with iconic brands.
“We will bring scale to the network through our ability to develop and manage hotels under the Banyan Tree brands globally, strengthening our leadership in the luxury hotel space.”
Accor’s global travel and lifestyle portfolio includes more than 4,000 hotels, residences and resorts in 95 countries.