Marriott to Acquire Protea Hospitality Holdings for $186M

Marriott International MAR and South Africa's Protea Hospitality Holdings announced today that they have signed definitive agreements for the purchase by Marriott of Protea's three brands and management company.  Under terms of the agreements Marriott will pay approximately 2.02 billion rand, or approximately US $186 million at current exchange rates, subject to normal closing adjustments.  The purchase price represents approximately 10 times anticipated pro forma 2014 calendar year EBITDA (earnings before interest, taxes, depreciation and amortization) excluding transaction costs. st See full press release