Marriott International has agreed to buy the three brands and management business of Cape Town-based Protea Hospitality Holdings, a deal that would almost double the companys rooms in Africa. The largest publicly traded U.S. hotel chain signed a letter of intent to acquire the business, which operates 116 hotels in South Africa and six other sub-Saharan countries. Hotel investors and operators are expanding in Africa as the continent benefits from rising demand for lodging and increasing trade with nations such as China. More than half of Africas countries probably will have gross domestic product growth of 5 percent annually through 2016. Africa has significant untapped potential for travel and tourism, both as a destination and source of new global travelers.
Posted on: Fri, 08 Nov 2013 08:01:05 +0000
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