By William Davison
May 10, 2012 12:29 PM EDT
Marriot International Inc. (MAR) will manage two hotels that are under construction in Ethiopia’s capital, Addis Ababa, as the company expands in the region, said Alex Kyriakidis, the company’s Middle East and Africa president.
Bethesda, Maryland-based Marriot’s capital partners are investing $1.3 billion in 13 hotels on the continent, adding to the eight it already manages, he said in an interview in Addis Ababa, at the World Economic Forum on Africa. Marriot is targeting annual revenue growth of 25 percent from Middle East and Africa, said Kyriakidis.
The Marriot Executive Apartments and 209-room Courtyard by Marriot are owned, constructed and financed by Addis Ababa-based Sunshine Construction (Pvt) Ltd., he said. The properties may generate 1 billion Ethiopian birr ($57 million) over the first five years, said Kyriakidis.
The self-catering apartments may be finished in the third quarter of next year, while the Courtyard hotel is scheduled to be completed by early 2015, he said.
Marriot is also focusing on Benin, Gabon, Ghana, Nigeria and Rwanda on the continent, the company said in a statement.
To contact the reporter on this story: William Davison in Addis Ababa via Nairobi at wdavison3@bloomberg.net
To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net
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