As part of the implementation of its asset-light strategy, Accor announces that it has reached an agreement with Mutris – a Moroccan investment company bringing together private and institutional investors – under which Accor will, firstly, sell its 33% stake in Risma, Morocco’s leading publicly listed hotel operator, to Mutris at a price of 130 dirhams per share, and secondly, sell its Risma bonds on the market.
According to research conducted by the World Travel & Tourism Council (WTTC), the South African economy could face massive losses of more than ZAR 181 million every week it’s on the UK’s ‘red list’ for travel.
As the potential for tourism investment in under-exploited Francophone Africa becomes ever-clearer, Senegal has been highlighted as an emerging economy that's ripe for further development.
Marriott International, Inc. (NASDAQ: MAR) and South Africa's Protea Hospitality Holdings announced today 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 2.02 billion rand, or approximately US $186 million at current exchange rates, subject to normal closing adjustments. The purchase price represents approximately 10 times anticipated pro forma 2014 calendar year EBITDA (earnings before interest, taxes, depreciation and amortization) excluding transaction costs.
Marriott International, Inc. (NASDAQ: MAR) today said it has signed a letter of intent with Protea Hospitality Holdings of Cape Town, South Africa to acquire Protea Hotels' brands and its management business that operates or franchises 116 hotels across three brands with 10,184 rooms in South Africa and six other Sub-Saharan African countries. The transaction would nearly double Marriott's distribution in Africa to more than 23,000 rooms, and would also provide Marriott with a proven operational platform and leadership team to accelerate Marriott's expansion plans and solidify its leadership position in the dynamic and growing African hotel market. [Click here for images and b-roll.]
The Tourism Business Council of South Africa (TBCSA) has joined forces with UK-based Bench Events, to organise and convene the annual Hospitality Investment Conference Africa (HICA) from 2011 onwards. As part of the partnership agreement, the event will be renamed the Hotel Investment Conference Africa.
As part of the focus on ‘Unlocking Investment Opportunities in the Middle East and North Africa’ at AHIC 2010, the Country Panel will look at the direction of tourism and hotel investment in Egypt, the Sultanate of Oman, the Kingdom of Saudi Arabia and the Kingdom of Morocco.