AccorHotels Expands Luxury Footprint With Stake In Banyan Tree
Skift Take
It’s been a very busy year for AccorHotels with deals made across a number of seemingly disparate segments. The price paid is relatively low and depending on how successfully Banyan Tree expands, could prove a shrewd move.
AccorHotels’ year of deals has continued with the planned acquisition of a 5 percent stake in Singapore-based luxury hotel operator Banyan Tree Holdings.
The initial investment is worth $17.3 million (€16 million) and AccorHotels has the option to purchase an additional 5 percent.
The two companies will work towards expanding the Banyan Tree brand around the world. Banyan Tree will also have access to AccorHotels' global reservations and sales network, as well as its loyalty program Le Club AccorHotels.
Banyan Tree has 43 hotels and resorts, 64 spas, 77 retail galleries, and three golf courses in 28 countries.
The deal increases AccorHotels’ presence in the luxury end of the market and follows the purchase of Fairmont Raffles for $2.7 billion, which completed this year.
Sebastien Bazin, CEO and Chairman of AccorHotels said, in a statement: “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 Holding
