Marriott Completes Deal to Acquire Protea Hospitality
Tuesday April 1st, 2014 - 9:51AM E
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BETHESDA, MD—Marriott International, Inc. has completed the acquisition of the 116-hotel Protea Hospitality Group, based in South Africa.
With the deal, the company nearly doubled the company's presence in the Middle East and Africa region to more than 160 hotels and 23,000 rooms. Marriott said that its pipeline of new hotels in the Middle East and Africa, including Protea's pipeline, is now more than 65 hotels and 14,3000 rooms, including more than 20 hotels and 3,000 rooms in Sub-Saharan Africa.
Tags: Marriott • Protea • Hospitality • Acquisitions •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.