Marriott Expands in Africa with Acquisition of Over 100 Protea Hotels
Marriott International reached a deal under which it will acquire Protea Hospitality Holdings, one of Africa’s largest hotel chains. Marriott will acquire the company and its management business that operates or franchises 116 hotels in South Africa and six other African countries.
Under the deal, Marriott would manage roughly 46% of the newly obtained rooms. The two companies said that definitive agreements are expected to be signed by the end of this year. The deal is reportedly valued at $200 million.
Protea Hotels was founded in 1984, and has properties in South Africa, Malawi, Namibia, Nigeria, Tanzania, Uganda, and Zambia.
Marriott currently operates 10 hotels in Africa. The deal will make the Bethesda, Maryland-based hotelier the largest hotel company on the continent.
(Photo: Accura Media Group)