From the Africa Hotel Investment Forum (AHIF) in Kigali, Rwanda, Marriott International (NASDAQ: MAR) today announced further expansion plans in Africa with seven new hotel signings.
Marriott International was the first global chain to make a significant investment in Africa with the acquisition of Protea Hotels for $210 million in 2014. The company is targeting over 200 hotels with 37,000 rooms open or in the pipeline by 2022, equating to around $8.5 billion of capital investment by its real estate partners, reinforcing its continued commitment to expansion in Africa and solidifying its leadership on the continent.
The investment is expected to generate substantial economic activity and around 50,000 direct and indirect jobs once the hotels open.
ÒAfrica today makes a very compelling story. We are seeing unprecedented traction for our compelling brands, driving our momentum of growth,Ó said Alex Kyriakidis, President and Managing Director, Middle East and Africa, Marriott International.
ÒWe have always believed in the potential of Africa and the opportunities the continent has to offer. With economic growth, a rising middle class and rapid urbanization, the demand for travel and high-quality lodging is growing, providing us with a significant opportunity to enhance our footprint and play our part in supporting many emerging markets across the continent,Ó he added.
Today Marriott International hotels are present in 20 African countries: Algeria, Djibouti, Egypt, Ethiopia, Gabon, Ghana, Guinea, Kenya, Malawi, Mauritius, Morocco, Namibia, Nigeria, Rwanda, Seychelles, South Africa, Tanzania, Tunisia, Uganda and Zambia. The company is expected to foray into new markets including Benin, Botswana, Madagascar, Mali, Mauritania, and Senegal and has signed 1300 new rooms marking the debut of Marriott International into Cte D’Ivoire while strengthening its presence in existing markets including Ethiopia, Ghana and Nigeria.
Marriott also recently opened Protea by Marriott Owerri Select in Nigeria. Other forthcoming openings over the next couple of months include Sheraton Bamako which marks the debut of Marriott International in Mali, Protea Hotel by Marriott Constantine, the brand’s debut in Algeria and the Accra Marriott Hotel, the debut of the flagship Marriott Hotels brand in Ghana.
Today, Marriott International has a strong footprint across the continent operating 140 hotels with close to 24,000 rooms across 12 brands.
