Mar­riott and Protea Ink Ac­qui­si­tion Deal

Business Traveler (USA) - - UPFRONT -

Mar­riott and Protea Ho­tels have signed a de­fin­i­tive agree­ment de­tail­ing the planned ac­qui­si­tion of Protea’s 116 ho­tels in South Africa, Zam­bia, Nigeria, Nam­bia, Malawi,

Uganda and Tan­za­nia. As part of the trans­ac­tion, Protea Hos­pi­tal­ity Hold­ings will cre­ate a property own­er­ship com­pany to re­tain own­er­ship of the ho­tels it cur­rently owns, en­ter­ing into a long-term

man­age­ment and lease agree­ment with Mar­riott. When the deal is com­pleted, Mar­riott will be­come the largest ho­tel com­pany in the Mid­dle East and Africa re­gion. The cur­rent plan is to fi­nal­ize the trans­ac­tion by April 1.

For more in­for­ma­tion visit mar­riott.com.

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