Banyan Group has acquired Newmark Hotels & Reserves for an undisclosed amount, bringing the hotel management company under Banyan's ownership in a deal that expands the acquirer's managed portfolio.
Newmark Hotels & Reserves is a hotel management company with a heritage spanning more than 40 years. It manages prestigious and distinctive properties, offering services across operations, sales, marketing, human resources, information technology, finance, and revenue and procurement management. The company is led by chief executive Neil Markovitz and built its model around identifying the unique attributes of each property and bringing them to market through a bespoke, tailor-made approach. Newmark's stated belief is that every action needs to be financially sound, and it has prioritised establishing solid infrastructure before pursuing further growth.
Banyan Group's decision to buy Newmark reflects a focus on adding an established management platform with long-standing owner relationships and a full-service operating capability. The acquisition gives Banyan control of Newmark's management contracts and its executive team, rather than a minority stake or a funding injection.
The two businesses are expected to combine Newmark's property-level management expertise with Banyan's broader hospitality platform. Newmark's services, which cover day-to-day operations through to revenue and procurement management, are intended to complement Banyan's existing operations. The transaction is a purchase of Newmark by Banyan Group, not a capital raise by either company.
The combined entity will now work to integrate Newmark's portfolio and management team into Banyan Group's operations, with the aim of extending the reach of both brands across their respective markets.