Paris-based AccorHotels is investing about $17 million in Singapore-based
Banyan Tree Hotels & Resorts and will co-develop and manage future resorts
under Banyan Tree's four brands.
Accor is buying a debenture in Banyan Tree that's
convertible to about 5% of the company. AccorHotels, whose brands include
Sofitel and Pullman, has the option to buy another 5% of Banyan Tree oversees its
flagship brand plus Angsana, Cassia and Dhawain. Banyan Tree has 43 resorts,
primarily in China and Southeast Asia. In the Western Hemisphere, Banyan Tree
has two resorts in Mexico (Acapulco and Riviera Maya). The company has 15
properties under construction.
Accor continues to increase its investments in the luxury
sector. Earlier this year, the company completed an $840 million acquisition of
Fairmont, Raffles and Swissotel, doubling its luxury hotel count. In addition
to its Sofitel and Pullman luxury brands, Accor oversees the Ibis, Novotel and Mercure