Thread: Marriott to open 30 Hotels in JNB, CPT by 2020

Originally Posted by ddagencylv

Marriott International will open 30 new hotels in South Africa by 2020 as it seeks to expand across the continent following its ZAR2 billion rand (USD$190 million) buyout of Protea Hospitality, a senior official said.
The New York-listed hotel group is targeting the bulk of its additional growth in Nigeria, Egypt, the UAE and Saudi Arabia, as it aims to triple revenue and rooms to 75,000 across Africa and the Middle East within six years.
The hotels under construction in Africa, which will have a total of 5,000 rooms, will require around USD$1.5 billion of investment by its real estate partners, Marriott's Middle East and Africa head Alex Kyriakidis said in Cape Town
"We wanted to target countries where... we would get maximum bang for our buck in terms of multiple hotel opportunities," Kyriakidis
said.

I am THRILLED to see someone buy Protea. Way over-priced for quality. Lots of great locations to convert so I can use points! Marriott has had ZERO presence in ZA.