Marriott Signs LOI to Acquire Protea Hotel Group's Hotel Operations And Brands
Marriott International, Inc. (NASDAQ: MAR) today said it has signed a letter of intent with Protea Hospitality Holdings of Cape Town, South Africa to acquire Protea Hotels' brands and its management business that operates or franchises 116 hotels across three brands with 10,184 rooms in South Africa and six other Sub-Saharan African countries. The transaction would nearly double Marriott's distribution in Africa to more than 23,000 rooms, and would also provide Marriott with a proven operational platform and leadership team to accelerate Marriott's expansion plans and solidify its leadership position in the dynamic and growing African hotel market. [Click here for images and b-roll.]
Protea Hotels, founded in 1984, manages, franchises and leases hotels across the Protea Hotels brand (104 hotels), comprising a full and diverse range of outstanding hotels and resorts; the award-winning lifestyle boutique Protea Hotel Fire & Ice! brand (2 hotels); and the superior deluxe African Pride Hotels collection (10 hotels). In addition to its industry-leading 80 hotels in South Africa, Protea Hotels has a significant presence in Malawi, Namibia, Nigeria, Tanzania, Uganda and Zambia.
As part of the transaction, Protea Hospitality Holdings would create