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AccorHotels buys into Banyan Tree

French hotel chain wants to expand Singapore luxury brand outside Asia

Reception staffs of Banyan Tree Bangkok work at the lobby on Oct. 25,Thailand.(photo by Nozomu Ogawa)

SINGAPORE -- Singapore-based hotel and resort operator Banyan Tree Holdings announced Thursday AccorHotels has bought a stake in it and was seeking to grow the luxury brand outside Asia.

AccorHotels will invest an initial 24 million Singapore dollars ($16.9 million) in Banyan Tree. The investment in the form of a convertible debenture will give AccorHotels a stake of about 5% in Banyan Tree, with an option to buy an additional 5% later on.

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