Business Marriott Agrees to Buy Protea’s Hotel Brands - Bloomberg

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Marriott International Inc. (MAR) agreed to buy the three brands and management business of Cape Town-based Protea Hospitality Holdings, a deal that would almost double the company’s rooms in Africa.

Marriott, the largest publicly traded U.S. hotel chain, signed a letter of intent to acquire the business, which operates or franchises 116 hotels in South Africa and six other sub-Saharan countries, according to a statement today by the Bethesda, Maryland-based company. Terms weren’t disclosed.

Source: Bloomberg
Read more:
http://www.bloomberg.com/news/2013-11-07/marriott-agrees-to-buy-protea-s-hotel-brands.html

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