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Protea Hospitality Holdings

proteahotels.com

Stage

Acquired | Acquired

Valuation

$0000 

About Protea Hospitality Holdings

Protea Hotels is the largest and leading hotel group in Africa with the most extensive footprint; more than 116 hotels throughout South Africa and six other African countries, including Zambia, Nigeria, Namibia, Malawi, Uganda and Tanzania. The company was founded in 1984 and has grown its portfolio and brands since. The group comprises of two brands, namely the mid-up market Protea Hotels (including the lifestyle brand Protea Hotel Fire & Ice!) brand and the superior deluxe African Pride Hotels, Lodges and Country Houses brand.

Headquarters Location

Cnr. Arthur's Road & Main Road Sea Point

Western Cape, 8060,

South Africa

+27 (0) 21 430 5000

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Latest Protea Hospitality Holdings News

Africa's Protea Hospitality Holdings sold for R2.02 billion

Apr 5, 2018

</strong></p> <p> Follow @ ShereeHanna Leading global hotel chain, Marriott International, Inc. has today signed a deal to purchase South Africa’s Protea Hospitality Holdings for approximately...</p> <p><a href="https://africa.businesschief.com/leadership/778/Africas-Protea-Hospitality-Holdings-sold-for-R202-billion">https://africa.businesschief.com/leadership/778/Africas-Protea-Hospitality-Holdings-sold-for-R202-billion</a></p>      Cancel      - Leadership - Jan 22, 2014 Leading global hotel chain, Marriott International, Inc. has today signed a deal to purchase South Africa’s Protea Hospitality Holdings for approximately 2.02 billion rand (US$186 million). Marriott has signed definitive agreements for Protea’s three brands and management company,and the purchase price represents approximately 10 times anticipated pro forma 2014 calendar year EBITDA (earnings before interest, taxes, depreciation and amortization) excluding transaction costs. Protea has 116 hotels with 10,148 rooms in seven African countries including South Africa. At closing, Marriott will become the largest hotel company in the Middle East & Africa region, nearly doubling its distribution there to more than 23,000 rooms. 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 percent of the rooms, franchise approximately 39 percent of the rooms, and lease approximately 16 percent of the rooms. The transaction is subject to receipt of certain third party and governmental consents, including exchange control approval from the South African Reserve Bank and competition approval from the South African Competition Commission and the Common Market for Eastern and Southern Africa (“COMESA”) and satisfaction of other customary conditions for transactions of this kind. Assuming these conditions are met, Marriott and Protea plan to close the transaction on April 1, 2014. Marriott does not expect the transaction will have a material impact on its 2014 results. Tags:

Protea Hospitality Holdings Frequently Asked Questions (FAQ)

  • Where is Protea Hospitality Holdings's headquarters?

    Protea Hospitality Holdings's headquarters is located at Cnr. Arthur's Road & Main Road, Western Cape.

  • What is Protea Hospitality Holdings's latest funding round?

    Protea Hospitality Holdings's latest funding round is Acquired.

  • Who are the investors of Protea Hospitality Holdings?

    Investors of Protea Hospitality Holdings include Marriott International.

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