Singapore-based hospitality group Banyan Group is expanding its footprint in Africa with a majority stake in Newmark Hotels & Reserves, bringing Nigeria into its growing portfolio as the group positions itself for further expansion across the continent.
The transaction will see Newmark join Banyan Group’s portfolio as a collection brand under a phased ownership structure that is expected to lead to full ownership over time.
For Nigeria, the deal strengthens Banyan Group’s presence through Lakowe Lakes Golf & Country Estate in Ibeju-Lekki, Lagos, a 308-hectare hospitality and leisure development featuring accommodation, an 18-hole golf course, restaurants, meeting facilities and other recreational services.
Newmark entered the Nigerian market in 2023 through its management of Lakowe Lakes.
The Newmark transaction gives Banyan Group access to an established African hospitality platform with operations spanning seven countries including Mauritius, Namibia, Nigeria, South Africa, Tanzania, Uganda and Zimbabwe.
Newmark currently manages 26 hotels, lodges and reserves across those markets.
Banyan Group said Newmark would retain its name, management team and local operating structure, allowing existing operations and owner relationships to continue while benefiting from the wider group’s international distribution and commercial network.
The structure is significant for Nigeria’s hospitality market because it combines a locally established operating platform with the distribution, sales and development capabilities of a global hospitality group.
Existing Newmark reservations will be honoured, while the properties are expected to become progressively available through Banyan Group’s booking platforms and guest-recognition ecosystem.
Portfolio approaches 130 properties
The transaction also accelerates Banyan Group’s expansion strategy in Africa and globally.
With Newmark added to its portfolio, Banyan Group’s combined portfolio will rise to nearly 130 hotels, resorts and reserves across 28 countries. The group also has more than 30 branded residences and over 140 spas and galleries globally.
Banyan already operates four hotels and four spas in Africa, with properties in Morocco, Mauritius, South Africa and Tanzania. It is also developing the Dhawa Ouidah property in Benin.
Newmark adds four further African markets including Namibia, Nigeria, Uganda and Zimbabwe to Banyan’s geographic reach.
Local expertise meets global distribution
Eddy See Huck Lye, president and chief executive officer of Banyan Group, described Africa as a long-term growth market for the group, saying Newmark’s local knowledge and development pipeline complement Banyan’s international sales, distribution and development capabilities.
The combination gives Newmark access to a larger international commercial platform while preserving its local management structure.
That balance could be particularly important in African hospitality, where property-level operations often depend on local knowledge, relationships and market conditions, while international distribution and brand recognition can influence demand from overseas travellers.
Newmark was founded in Cape Town in 2007 and has built its business around the management of hotels, lodges and reserves across Africa.
Continuity for Nigerian operations
The Banyan-Newmark transaction is structured around continuity on the ground and greater international reach in the marketplace.
Newmark’s existing leadership and management team will continue to run its operations, preserving the local expertise, branding and owner relationships that support its African portfolio.
But behind that operational continuity, the business is gaining access to Banyan Group’s global sales, distribution and brand infrastructure.
For Lakowe Lakes in Ibeju-Lekki, the result is a commercial platform without an immediate change in local management. The property becomes part of Banyan’s international network while retaining the operating structure through which it has been managed.
The move also gives Banyan a presence in a Lagos development corridor where hospitality, leisure and real estate are increasingly intertwined.
At a strategic level, the transaction showcases Banyan’s use of established local platforms to accelerate international expansion. Instead of building an entirely new operating structure in each market, the group can combine its global distribution capabilities with operators that already understand local markets.
For Newmark, the equation runs in the opposite direction. Its local operating model remains intact, but its properties gain access to a larger international commercial network.
The transaction therefore creates a platform built around local execution and global distribution, allowing both companies to retain their respective strengths while expanding the commercial reach of the combined business.
