Banyan Tree strikes strategic partnership with AccorHotels

Singapore

RESORT operator Banyan Tree Holdings has inked a strategic partnership with hotel group AccorHotels that comes at a time of consolidation within the industry.

Banyan Tree said on Thursday that both parties have entered into a heads of agreement for their long-term partnershiip. AccorHotels will invest an initial S$24 million in a mandatory convertible debenture that on conversion will give it an approximately 5 per cent stake in Banyan Tree. AccorHotels, which has a portfolio of hotels that include Singapore's Raffles Hotel, has an option to purchase another stake of about 5 per cent.