Banyan Tree will also have access to AccorHotels’ global reservations and sales network, as well as its loyalty programme, Le Club AccorHotels.
AccorHotels has taken another brand under its wing with agreement for a long-term partnership with Banyan Tree Hotels in which both parties intend to collaborate to develop and manage Banyan Tree branded hotels around the world.
Banyan Tree will also have access to AccorHotels’ global reservations and sales network, as well as its loyalty programme, Le Club AccorHotels.
AccorHotels will invest an initial S$24 million (US$17m) in Singapore-based Banyan Tree and both parties will then co-develop the brands owned by Banyan Tree. The investment will give AccorHotels an approximately 5% stake in Banyan Tree with an option to purchase an additional approximately 5% stake.
Ho Kwon Ping, executive chairman of Banyan Tree, said, “This agreement is not only transformational for Banyan Tree, but is also an innovation for the global hospitality industry.
“With the current consolidation of mega hotel companies, smaller but also global players – many family-controlled – are also seeking strategic alliances with the global giants.
“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.”
Accor’s portfolio comprises luxury brands including Raffles, Fairmont, Sofitel Legend, SO Sofitel, Sofitel, onefinestay, MGallery by Sofitel, Pullman and Swissôtel; as well as midscale and boutique brands of Novotel, Mercure, Mama Shelter and Adagio; economy brands including ibis, ibis Styles, ibis budget and the regional brands Grand Mercure, The Sebel and hotelF1.
Banyan Tree has 43 hotels and resorts, 64 spas, 77 retail galleries, and three golf courses in 28 countries.
The group’s primary business is centered on four brands: Banyan Tree and Angsana, as well as newly established Cassia and Dhawa. Banyan Tree also operates the integrated resort in Thailand - Laguna Phuket - through the group’s subsidiary, Laguna Resorts & Hotels Public Company Limited, along with Laguna Bintan in Indonesia and Laguna Lăng Cô in Central Vietnam.