Marriott completes takeover of South Africa's Protea Hospitality
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Marriott completes takeover of South Africa's Protea Hospitality

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Marriott International became the largest hotel company in Africa yesterday – based on published information – as it completed the acquisition of South Africa's 116-hotel Protea Hospitality Group.

At the same time, Marriott said its pipeline of new hotels in the Middle East and Africa, including Protea’s pipeline, now exceeds 65 hotels.

The company’s new Protea portfolio consists of 10,148 rooms and a number of spas in seven African countries, including South Africa. The company now manages, franchises and leases hotels across the Protea Hotels brand including the lifestyle boutique Protea Hotel Fire & Ice! and the deluxe African Pride Hotels collection.

“We look forward to integrating the superb Protea team into the Marriott International family, to work toward new opportunities for growth and advancement throughout South Africa and the continent,” said Arne Sorenson, Marriott International’s president and chief executive officer

Marriott paid approximately ZAR2.02bn, (US$200m, €145m £120m), which represents roughly 10 times the anticipated pro forma 2014 calendar year EBITDA (earnings before interest, taxes, depreciation and amortisation) excluding transaction costs.

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Marriott International became the largest hotel company in Africa yesterday – based on published information – as it completed the acquisition of the 116- hotel Protea Hospitality Group, based in South Africa.
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