Banyan Tree Holdings entered into a partnership with AccorHotels, the French multinational hotel group. The announcement of the long-term partnership came on Thursday, December 8.
According to the partnership, both the parties will work for the development and proper management of the hotels under the Banyan Tree brands across the world. Beside, Banyan Tree will have entrée to the sales network and global reservation of AccorHotels along with Le Club AccorHotels, the hotel group’s exclusive loyalty programme.
Singapore-based Banyan Tree Holdings is a leading international hospitality brand. It works as the developer and operator of 43 premium hotels and resorts, 77 retail galleries, 64 spas, and 3 golf courses in 28 countries.
Photo Credit: Today Online
Initially, AccorHotels will invest SGD 24 million in Banyan Tree. Both the parties will then work for the development of Banyan Tree brands throughout the world. However, the investment will give AccorHotels the ownership of 5% stake in Banyan Tree along with the option of buying an additional 5% stake.
Banyan Tree Executive Chairman, Ho Kwon Ping, said that the partnership would transform the Banyan Tree along with bringing an innovative change to the hospitality industry worldwide. Describing the partnership as a ‘strategic alliance,’ Mr. Ping said that Banyan Tree would remain an independent company though AccorHotels would help it expand across the world.
Calling AccorHotels a ‘strong global partner,’ Mr. Ping saw it an excellent opportunity for Banyan Tree to achieve international standard through embracing the innovative changes in the global hospitality industry.
Photo Credit: AccorHotels
AccorHotels’ Chairman and CEO, Sebastien Bazin, hoped that the partnership would help them providing better services to their guests. Banyan Tree has already cemented their position in the luxury resort industry across Asia.
Mr. Bazin hoped that by helping the brands owned by Banyan Tree throughout the world, they would be able to scale their network in the industry. He also confidently said that their shareholders would be benefitted from the investment in the new venture.