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Stock Market & Financial Investment News

News Breaks
January 22, 2014
06:32 EDTMARMarriott to acquire Protea Hospitality Holdings for $186M
Marriott and South Africa's Protea Hospitality Holdings announced that they have signed definitive agreements for the purchase by Marriott of Protea's three brands and management company. Under terms of the agreements Marriott will pay approximately $186M at current exchange rates, subject to normal closing adjustments. The purchase price represents approximately 10 times anticipated pro forma 2014 calendar year EBITDA excluding transaction costs. 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 long-term management and lease agreements with Marriott for such hotels. The property ownership company will also retain a number of minority interests in other Protea-managed hotels. At closing Marriott will manage approximately 45% of the rooms, franchise approximately 39% of the rooms, and lease approximately 16% of the rooms.
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December 18, 2014
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