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Marriott takes over Protea Hospitality Holdings

Marriott International realizes a widespread transaction in Africa. The American hotel group signed a contract to take over the brands and the management company of Protea Hospitality Holdings for 186 million dollars. The value of the transaction represents close to 10 times the EBITDA expected for the year 2014. The hospitality leader in Africa will create a property ownership company that will retain ownership of the hotels currently held by the South African group and will sign a management contract with Marriott International. Marriott thus takes control over a portfolio of 116 hotels and 10,148 rooms in seven African countries operated under three different banners: Protea for the midscale, Protea Fire and Ice for the upscale, and African Pride for luxury. It will thus become the biggest hotel group in the Africa-Middle East region, doubling its current supply to reach 23,000 rooms. Some 45% of the 10,148 rooms acquired will be operated under management contracts, close to 39% under franchise contracts, and around 16% under leases. Begun last November, the transaction should be finalized during April 2014, once it has received the necessary authorizations from government authorities.

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