Banyan Tree Holdings has entered into a heads of agreement with AccorHotels, which will develop and manage 43 Banyan Tree branded resorts and hotels located in 28 countries. Under a long-term partnership, AccorHotels will invest $16.7 million in Banyan Tree, giving it a 5 percent stake in the Singapore-based hotel group, with the option to purchase an additional 5 percent.

“This agreement is not only transformational for Banyan Tree, but is also an innovation for the global hospitality industry,” said Ho Kwon Ping, executive chairman of Banyan Tree. “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. We believe this agreement will propel our brands rapidly to global reach and range, and strengthen our ability to embrace change and innovation in the hospitality industry with a strong global partner.”

Guests of Banyan Tree and Angsana resorts will also have access to AccorHotels’ global reservations and sales network, as well as its loyalty programme Le Club AccorHotels. The international hospitality group owns properties across Asia Pacific and Latin America, including China, Thailand, Mexico and United Arab Emirates. Banyan Tree Holdings also operates Cassia, a holiday apartment concept.

Earlier this year AccorHotels purchased FRHI holdings, the parent company of the Fairmont, Swissotel and Raffles brands. The three FRHI brands consist of 115 hotels and resorts and 43,000 guest rooms, as well as an additional 40 hotels in development that will provide 13,000 rooms. AccorHotels has nearly 500 properties throughout the world.