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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.
News For MAR From The Last 14 Days
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September 11, 2014
07:39 EDTMARMarriott price target raised to $82 friom $71 at JMP Securities
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September 9, 2014
07:41 EDTMARMarriott price target raised to $77-$79 from $69-$71 at Wells Fargo
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07:24 EDTMARMarriott outlook upbeat, says Stifel
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07:21 EDTMARMarriott price target raised to $80 from $74 at Credit Suisse
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September 8, 2014
10:21 EDTMARMarriott sees 6% RevPAR growth in 2014 at midpoint, 4%-6% growth thereafter
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09:18 EDTMARMarriott says to add 1,300 hotels globally from 2014-2017
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09:11 EDTMARMarriott sees FY17 EPS $4.00-$4.60
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07:40 EDTMARMarriott CEO says demand good for U.S. hotels
07:40 EDTMARMarriott volatility low as shares trend to record high into analyst meeting
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06:03 EDTMARMarriott to host analyst meeting
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