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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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October 6, 2015
16:30 EDTMARMarriott plans to open 60 new hotels in Caribbean, Latin America by 2018
Tim Sheldon, President of Caribbean and Latin America operations at Marriott International, announced an expected 75% increase in Marriott's Caribbean and Latin American distribution between 2015 and 2018 including a tripling of the company's presence in Brazil with the addition of 11 new hotels in that market. Marriott has 93 hotels open and more than 60 hotels under development in the Caribbean and Latin America, including 11 new hotels across 6 cities in Brazil. Marriott has plans to invest approximately $400M Brazilian Reais (U.S. $100M) in Brazil to launch 4 of its modern essential brands: Courtyard by Marriott, Residence Inn by Marriott and Fairfield Inn by Marriott and AC by Marriott. Seven of these eleven planned hotels are already under construction, which will be owned by Marriott or Brazilian partners. Over time, Marriott expects to sell its owned hotel assets, retaining long term management agreements. Year to date, the company has opened 8 hotels in the Caribbean and Latin America, with another nine expected by year end.
October 5, 2015
11:06 EDTMARMarriott announces partnership with INJAZ AL-Arab
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