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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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January 22, 2015
07:38 EDTMARMarriott CEO bullish on U.S. growth, Chinese consumer class, WSJ says
Marriott International CEO Arne Sorenson believes most Americans are "underestimating the depth of the recovery under way in the U.S.," reports the Wall Street Journal, citing a recent interview at the World Economic Forum in Davos. He attributed U.S. momentum to falling oil prices, and went on to note that Marriott's business in Russia is down 20%-25% while calling its performance in the U.K. and Middle East "not bad." Sorenson also remarked that China's transition to a middle-class consumer economy should be a boon, though he speculated that foreign growth and U.S. tax rates could limit the company's reinvestment in U.S. properties. Reference Link
January 20, 2015
05:21 EDTMARMarriott expects to reach 1M rooms open or in development in FY15
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January 14, 2015
05:57 EDTMARLodging sector downgraded to Market Weight at Wells Fargo
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