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This investment will be made through a mandatory convertible debenture that at conversion will give AccorHotels an approximately five percent stake in Banyan Tree. AccorHotels has an option to purchase an additional approximately five percent stake.
Ho Kwon Ping, Executive Chairman of Banyan Tree, said, “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.”
Sebastien Bazin, CEO and Chairman of AccorHotels, said, “Our collaboration with Banyan Tree is a great opportunity to complement our business proposition to owners with iconic brands, while always better servicing our guests. Banyan Tree Holdings has created key leading positions across Asia with luxury resorts, one of the fastest growing segments in the industry. We will bring scale to the network through our ability to develop and manage hotels under the Banyan Tree brands globally, hence strengthening our leadership in the luxury hotel space.”
Source: travelnewsdigest.in