Banyan Group Takes Majority Stake in Cape Town’s Newmark, Adding 26 African Properties

Singapore-listed Banyan Group has agreed to acquire a 70% stake in Newmark Hotels & Reserves, a Cape Town-based operator of hotels, lodges and private game reserves, in a cash deal worth roughly 533 million rand ($33 million), according to Skift. The agreement, announced on 17 September, gives Banyan Group a path to full ownership over time and marks a significant expansion of its footprint across the African continent.

Deal Structure and Portfolio Growth

Under the agreement, Banyan Group’s eventual move to full ownership of Newmark is tied to the company hitting a stabilised EBITDA target of 63 million rand (about $3.9 million) by fiscal year 2029, more than double its current earnings level, Skift reported. The transaction values Newmark at close to $47 million once performance milestones are met. Newmark brings 26 hotels, lodges and reserves with more than 1,300 rooms into the Banyan Group fold, spanning Mauritius, Namibia, Nigeria, South Africa, Tanzania, Uganda and Zimbabwe, according to Ecofin Agency. With the addition, Banyan Group’s global portfolio grows to nearly 130 hotels, resorts and reserves under 14 brands across 28 countries.

An ‘Asset-Right’ African Push

The acquisition extends Banyan Group’s operations deeper into Namibia, Nigeria, Uganda and Zimbabwe, markets where the group previously had limited or no presence, Skift reported. The deal reflects what the company has described as an “asset-right” strategy that blends ownership and management contracts rather than relying solely on new construction, allowing faster entry into new markets through acquisition of already-operating properties and local expertise.

Why It Matters

Africa’s hospitality sector has drawn growing interest from international hotel groups seeking exposure to safari tourism, island resorts and a rising middle class, but foreign entrants have often struggled to build scale quickly on the continent. By buying into an established local operator rather than starting from scratch, Banyan Group gains an instant, multi-country footprint and local operating knowledge, a model that other global hospitality brands may look to replicate as competition for African leisure travellers intensifies.