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Marriott snaps up Protea Hotels
Marriott International and Protea Hospitality Holdings have signed agreements for the purchase by Marriott of Protea’s three brands and management company.
Protea has 116 hotels in seven African countries including South Africa. Its brands include Protea Hotels and African Pride Hotels, Lodges and Country Houses.
Once the transaction is complete Marriott will become the largest hotel company in the Middle East and Africa, almost doubling its distribution in the region to more than 23,000 rooms.
The deal includes the creation of a property ownership company by Protea, which will allow it to keep ownership of the hotels it currently owns.
It will enter long-term management and lease agreements with
Marriott for the hotels.
The transaction, which requires third party and governmental consents, is due to close on April 1.
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