Banyan Group has announced a strategic partnership with Newmark Hotels & Reserves, a Cape Town-headquartered hospitality management company, and the acquisition of a majority stake in Newmark under a phased ownership structure leading to full ownership over time.
Newmark joins Banyan Group as a collection brand, bringing its managed portfolio of 26 hotels, lodges and reserves across seven countries including Mauritius, Namibia, Nigeria, South Africa, Tanzania, Uganda and Zimbabwe, while retaining its existing brand, teams and local operating approach.
With the addition of Newmark Collection, Banyan Group’s portfolio will comprise nearly 130 hotels, resorts and reserves, more than 30 branded residences and over 140 spas and galleries across 14 hospitality and residential brands in 28 countries.
“We welcome Newmark to Banyan Group with confidence in the strength of the business it has built in Africa and the entrepreneurial spirit that has shaped it,” said Ho Kwon Ping, founder and executive chairman of Banyan Group. “We see in Newmark many of the qualities that shaped Banyan Group from the beginning: independence of thought, a long-term view and the conviction to build something distinctive. We look forward to what we can build together across Africa.”
“Over nearly two decades, Newmark has built its business through strong teams, trusted owner and partner relationships and a portfolio where each property retains its own identity,” said Neil Markovitz, founder and chief executive officer of Newmark Hotels & Reserves. “Joining Banyan Group gives us greater international reach and access to a wider network of expertise while retaining what has made Newmark successful. It also gives us greater scope to introduce travellers around the world to the destinations and experiences across our portfolio.”
Newmark was founded in 2007 by Markovitz, whose career in Cape Town hospitality dates to 1990 and includes serving as general manager of the Victoria & Alfred Hotel. Newmark will retain its own brand presence and direct channels, including the Newmark website.
“Africa is a long-term growth market for Banyan Group. Newmark brings an established management business, long-standing owner relationships and strong operating capabilities that deepen our presence in the region and strengthen our asset-right model,” said Eddy See, president and chief executive officer of Banyan Group. “Its local market knowledge and development pipeline, combined with Banyan Group’s international sales, distribution and development network, give us a stronger platform to pursue the right opportunities across Africa.”