Africa is set to become the next Asia with a developing tourism economy that is sure to attract more visitors and businesses in coming years. Marriott has positioned itself as an early mover and will likely continue its expansion from here.
With the acquisition, Marriott International Inc. says it becomes the biggest hotel operator in Africa and the company has nearly doubled its presence in the Middle East and Africa to more than 160 hotels.
“We are incredibly well-positioned to continue growing in one of the fastest expanding economic markets in the world,” said Alex Kyriakidis, president and managing director of Marriott International’s Middle East and Africa region.
Protea CEO Arthur Gillis will become non-executive chairman, Africa Development for Marriott International.
Marriott doesn’t expect the Protea acquisition to have a material impact on its 2014 earnings. The company now runs or franchises more than 4,000 hotels in 79 countries.
The $200 million deal was first announced in January.
Copyright (2014) Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Photo Credit: A standard room at the Protea Hotel Breakwater Lodge on the waterfront in Cape Town, South Africa. John Hickey-Fry / Flickr
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