Marriott MEA posts Q2 growth
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Marriott International’s Middle East and Africa (MEA) recently reported positive Q2 results. As per the report, RevPAR excluding Egypt improved 7% YOY and was driven by occupancy growth of 4.4% YOY. Overall, Q2 RevPAR improved by 3.9% for MEA including Egypt.
The results include recently acquired Protea Hospitality Holding for the first time since the hotelier’s acquisition at the start of the year. The total number of hotels now stands at 155 with 23,000 rooms across eight brands.
Alex Kyriakidis, president and managing director of Marriott International, Middle East and Africa, said: “The Protea deal kept us busy during the first three months of the year. The second quarter was also marked by new hotel openings and a plethora of new deals. These signings further boost our growing pipeline and instil a strong belief in our vision to become the number one hotelier in MEA by 2020.”
The brand announced opening of a new property in Doha’s West Bay district, where three hotels currently known as the Renaissance Hotel, Courtyard by Marriott and Marriott Executive Apartments Doha City Center become one. Globally Marriott added 162 new properties (18,729 rooms) to its worldwide lodging portfolio in the 2014 second quarter, including 113 properties (10,016 rooms) related to the Protea transaction. Nine properties (1,134 rooms) exited the system during the quarter. At quarter-end, the company’s lodging group encompassed 4,087 properties and timeshare resorts for a total of nearly 697,000 rooms.
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