Marriott International Inc. (NASDAQ:MAR) announced Monday its rapid expansion plans across Africa, expecting to increase portfolio by 50 percent with over 200 hotels and 38,000 rooms by 2023.
Strong demand for select-service brands and conversion opportunities are driving the momentum of growth for the company, amplified by five new hotel signings.
“Today we are seeing strong owner interest in our brands, backed by our combined loyalty program, the collective strength of our global platform and our highly-experienced, local teams,” said Alex Kyriakidis, President and Managing Director, Middle East and Africa, Marriott International.
“African economies have sustained unprecedented rates of growth, which have mainly been driven by a strong domestic demand, improved macroeconomic management, and increased political stability. The continent is still under capacity as far as branded hotel supply is concerned, presenting us with a fantastic opportunity to grow our brands and enhance our footprint,” he added.
The new signings will further consolidate Marriott International’s presence in Ghana, Kenya, Morocco, and South Africa and mark the company’s entry into Mozambique.
Marriott is currently present in 21 countries on the African continent. The company is set to expand into new markets including Benin, Botswana, Ivory Coast, Mauritania, Mozambique and Senegal.