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FINANCIAL NEWS
Marriott eyes MEA mergers, acquisitions
24 Apr 2012
(MENAFN) Marriott International’s president and managing director for Middle East and Africa (MEA), Alex Kyriakidis, said that Marriott is in talks with several parties in the region for possible mergers and acquisitions (M&A), reported Gulf News.
Kyriakidis added that the opportunities the company is exploring include all segments of the market, in addition to some independent brands.
He also said that the move is part of Marriott’s future growth strategy in the MEA region, adding that the US-based hotel management and franchising company plans to more than double the number of its hotel rooms in the region to approximately 23,000 rooms by 2015 from the current 11,000
.
It is worth noting that Marriott hopes that in the next 5 years it will be able to generate between 25 percent and 30 percent annual growth in its room count in the MEA region through to 2020.
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