Finance

South Africa: U.S. hotel brand Marriott to spend $218 mln on five hotels

Friday, 07 October 2016 11:14

World’s largest hotel brand Marriott International announced in a statement published on October 5 it will spend R3 billion ($218.14 million) on five hotels in South Africa.

Marriott, which has become the leading hotel brand in Africa in April 2014 after buying South African Protea Hotel Group, said the new hotels should create 8,000 jobs during construction and more than 700 long-term jobs after opening. With the five new hotels, the group will have more than 200 hotels across Africa with more than 27,000 rooms.

“Africa is particularly important to Marriott International's expansion strategy because of the continent's rapid economic growth, expanding middle class and youth population,” Marriott chief executive Arne Sorenson said in statement.

Last September 23, Marriott International bought Starwood Hotels & Resorts Worldwide and became the world’s largest hotel brand. Under the agreement signed for the purchase, Starwood’s shareholders are to get 0.92 Marriott Class A share for each Starwood Hotels share and $2 cash.

Worldwide, more than 4,500 hotels in 85 countries operate under the Marriott brand, while about 1,300 hotels in 100 countries operate under the Starwood brand.

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