The French hotel group announced the signature of a partnership with Banyan Tree. This cooperation will allow the operator to strengthen its presence in Asia, on the upscale segment. AccorHotels will invest close to 16 million euros in the Singaporean group, resulting in a 5% stake with an option to double the figure.AccorHotels pursues consolidation operations to expand the array of offers in the upscale hotel segment, particularly following the merger with Fairmont-Raffles last July. The operator has announced the signature of a long-term partnership with Banyan Tree in order to strengthen management and development of properties under the Banyan Tree brands on an international scale (Banyan Tree, Angsana, Cassia and Dhawa). To do so, the Singaporean group accesses AccorHotels’ reservations and sales platform and loyalty program.
With an initial investment of 16 million euros, AccorHotels gains 5% in the capital of Banyan Tree with an option for up to 10%.
On this occasion, Ho Kwon Ping, Executive Chariman of Banyan Tree declared: "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."
Sébastien Bazin, CEO and Chairman of AccorHotels declared: "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."
Banyan Tree Hotels & Resorts has a portfolio of 37 properties for 4,601 rooms (and more than 70 Spas). The group is currently located in China, South Korea, Indonesia, the Maldives, Morocco, Mexico, the Seychelles, in Morocco, Thailand, Vietnam and in the United Arab Emirates.
As of January 1, 2016, AccorHotels has been sixth in the global ranking of hotel groups with 3,995 properties and a total of 554,508 rooms, according to data published by Hospitality ON.
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