Marriott International is set to acquire Protea Hospitality Group, a South Africa based company. The deal has been finalized with a price valued USD191 million. Marriott’s acquisition of Protea would allow it to get a strong foothold in Africa as the biggest hotel firm in the country. Marriott also increases the number of its business arms in the Middle East and Africa region having 160 hotels and 23,000 rooms.
Ventures Africa reported that Marriott has now more than 4000 hotels operating in 79 countries. The report added that a plan to acquire Protea Hotels was drafted late last year. US-based Marriott has now 14,300 rooms and 65 new hotels under its roof. Last year, the company opened a total of 26,000 new rooms. This increased the company’s record to 387 hotel deals.
According Ventures Africa, Marriott has been looking out for more investment until 2015.
Alex Kyriakidis, President and Managing director of Marriott International in the MEA said, “With the addition of Protea’s regional knowledge, expertise and infrastructure, we are incredibly well-positioned to continue growing in one of the fastest expanding economic markets in the world.”
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