Banyan Tree Holdings (SGX:B58) has completed the first tranche of its SG$60 million acquisition of South Africa-based hospitality management company Newmark Hotels & Reserves, according to a Thursday filing with the Singapore bourse.

The first tranche was estimated at around SG$42 million, payable in cash.

The group will acquire a majority stake in Newmark under a phased ownership structure, leading to full ownership over time.

Newmark joins Banyan Group as a collection brand, adding its managed portfolio of 26 hotels, lodges and reserves across seven countries while retaining its existing brand, teams and local operating knowledge.

With this, Banyan Group's portfolio will increase to nearly 130 hotels, resorts and reserves, more than 30 branded residences, and over 140 spas and galleries across 14 hospitality and residential brands in 28 countries.