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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Marriott International    MAR

MARRIOTT INTERNATIONAL

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Marriott International : Aleph Hospitality signs franchise agreement for new Protea Hotel by Marriott in Kenya

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09/10/2019 | 02:48am EDT

DUBAI, United Arab Emirates -- Dynamic independent hotel management company Aleph Hospitality (http://www.AlephHospitality.com/) has signed a franchise agreement with global hotelier Marriott International for a new Protea Hotels by Marriott hotel in Kisumu, Kenya.

On behalf of the hotel owner, Bluewater Hotels, Aleph Hospitality will operate the new-build property under the Protea Hotels by Marriott brand.

Bani Haddad, Founder and Managing Director of Aleph Hospitality, commented: "We are thrilled to work with Marriott International to bring the first internationally branded hotel to Kisumu, Kenya's third largest city.

"As Aleph Hospitality continues to expand across Africa and the Middle East, we are delighted to once again collaborate with Marriott International, following the signing of Four Points by Sheraton Monrovia earlier this year."

Edward Guda, Managing Director, Bluewater Hotels, added: "Our new hotel marks a first for Kisumu's burgeoning hospitality industry, thanks to the agreement with Marriott International secured by our management partner, Aleph Hospitality.

"As the hotel owner, we benefit from the reputation and distribution of a major global brand, coupled with the regional knowledge and expertise of Aleph Hospitality, known for its world-class approach to independent hotel management."

Located in Kisumu on the shores of Lake Victoria, Africa's largest freshwater lake, the new hotel will feature 125 rooms with striking lake views, three food and beverage outlets, a rooftop infinity pool, gym, spa and more than 500m2 of meeting space.

Ideally positioned for domestic leisure, corporate and MICE business, Protea Hotel by Marriott Kisumu is located just 9km from Kisumu International Airport and directly adjacent to the Kisumu Yacht Club and Kisumu Impala Sanctuary.

"We look forward to working with Aleph Hospitality and Bluewater Hotels to make our debut in Kisumu with the Protea Hotels by Marriott brand," said Yasin Munshi, Director of Lodging Development, Middle East & Africa, Marriott International. "This signing further strengthens our portfolio in Kenya, which remains a key growth market in our overall development strategy for Africa."

Protea Hotel by Marriott Kisumu is due to open in January 2022. The hotel marks Aleph Hospitality's continued expansion in Kenya, following the signing of Best Western Plus Westlands, set to open in Nairobi in Q4, 2019 and two further properties, one in Mombasa and one in Nairobi, which are both under construction.

Protea Hotels by Marriott is a leading hospitality brand in Africa and one of the most widely recognised across the continent. With properties in primary and secondary business centres and desirable leisure destinations, the brand remains a popular choice for travellers into Africa. In line with brand standards, Protea Hotel by Marriott Kisumu will feature modern facilities, proactive and friendly service and consistent amenities such as full-service restaurants, meeting spaces and well-appointed rooms.

Aleph Hospitality, which has earmarked a pipeline of 35 hotels in the Middle East and Africa by 2025, manages hotels directly for owners, either on a franchise basis for branded properties or as a white label operator for independently-branded hotels.

Distributed by APO Group on behalf of Aleph Hospitality.

Media Contact:

Roz Money

Vice President Marketing & PR

Aleph Hospitality

Email: roz.money@alephhospitality.com

Tel: +44 7745 673624

About Aleph Hospitality:

Aleph Hospitality (http://www.AlephHospitality.com/) is a dynamic hotel management company, working for owners to maximise the value of their assets in the Middle East and Africa. The regional specialist's customised, results-driven alternative to traditional hotel management models includes third party and white label operations. Aleph Hospitality manages hotels directly for owners and facilitates franchising partnerships with leading global brands. With in-depth market knowledge, several decades' experience working with the world's largest hotel companies, and a company culture based on trust, responsiveness and flexibility, Aleph Hospitality delivers superior results for hotel owners, an exceptional hospitality experience for its guests and a professional environment for its workforce. Aleph has nine hotels in its portfolio and has earmarked a pipeline of 35 hotels in the Middle East and Africa by 2025. To find out more, visit http://www.AlephHospitality.com/.

About Marriott International:

Marriott International, Inc. (NASDAQ: MAR) (https://www.Marriott.com/) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,000 properties under 30 leading brands spanning 132 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world. The company now offers one travel program, Marriott Bonvoy(TM), replacing Marriott Rewards®, The Ritz-Carlton Rewards®, and Starwood Preferred Guest®(SPG). For more information, please visit our website at https://www.Marriott.com/, and for the latest company news, visit https://News.Marriott.com/. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.

About Bluewater Hotels:

Bluewater Hotels is a family-owned hospitality company defined by its collaborative approach, working with global partners to operate its properties to world-class standards and supporting communities by sourcing local products and respecting their culture. Every Bluewater Hotels property embodies the essence of its location, inviting guests to become immersed in the natural and cultural splendour of their surroundings. Each hotel in the collection is designed as a serene haven in tune with its environment. The hospitality company's flagship hotel is located in western Kenya, an area of outstanding beauty, awash with rivers, lakes and forests.

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(C) 2019 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (USD)
Sales 2019 21 048 M
EBIT 2019 2 756 M
Net income 2019 1 632 M
Debt 2019 10 600 M
Yield 2019 1,52%
P/E ratio 2019 24,9x
P/E ratio 2020 18,2x
EV / Sales2019 2,40x
EV / Sales2020 2,32x
Capitalization 39 889 M
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Mean consensus OUTPERFORM
Number of Analysts 27
Average target price 138,42  $
Last Close Price 121,11  $
Spread / Highest target 49,5%
Spread / Average Target 14,3%
Spread / Lowest Target 1,56%
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NameTitle
Arne M. Sorenson President, Chief Executive Officer & Director
John Willard Marriott Executive Chairman
Kathleen Kelly Oberg Chief Financial Officer & Executive Vice President
Bruce Hoffmeister Global Chief Information Officer
Lawrence W. Kellner Lead Independent Director
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