Banyan Group announced the acquisition of a majority stake in Newmark Hotels & Reserves under a phased ownership structure leading to full ownership on Thursday, September 17.

The transaction adds 26 managed hotels, lodges, and reserves across seven African countries to Banyan Group’s portfolio as a collection brand. The properties are located in Mauritius, Namibia, Nigeria, South Africa, Tanzania, Uganda, and Zimbabwe.

Newmark stated it will retain its existing brand, leadership, teams, and local operating approach. Day-to-day operations and property branding will remain unchanged under Chief Executive Officer Neil Markovitz.

With the acquisition, Banyan Group operates nearly 130 hotels, resorts, and reserves across 28 countries. Banyan Group stated the agreement expands its presence into Namibia, Nigeria, Uganda, and Zimbabwe.

Moelis & Company UK LLP acted as financial advisor to Newmark, while White & Case LLP and WongPartnership LLP provided legal counsel.