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AccorHotels invests S$24m for 5% stake in Banyan Tree
RESORT operator Banyan Tree Holdings said on Thursday hotel chain group AccorHotels has invested S$24 million for a 5 per cent stake in the company.
This investment will be made through a mandatory convertible debenture that at conversion will give AccorHotels an equity stake in Banyan Tree. AccorHotels, which has a portfolio of hotels that includes Singapore's Raffles Hotel, has an option to invest another 5 per cent at a later time.
Under this long-term partnership, 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.