Marriott International to open two new hotels in Ethiopia
Addis Ababa, Ethiopia Ã¢â‚¬â€œ Marriott International, Inc. (NYSE:MAR) continues its investment into the African continent by following up the proposed 209-room Accra Marriott Hotel, with the announcement of two new hotels in Ethiopia, reported the VibeGhana.com.
The two properties are a Marriott Executive Apartments for extended stay travellers and a quality tier Courtyard by Marriott branded hotel. Both will be located in Addis Ababa and are scheduled to open in 2013 and 2015 respectively. The Courtyard by Marriott alone is expected to bring US$ 65million into the local economy over five years.
This marks Marriott InternationalÃ¢â‚¬â„¢s first foray into Ethiopia, after a number of similar announcements throughout the continent and is a sign of the companyÃ¢â‚¬â„¢s confidence in the growing African market.
Speaking at the World Economic Forum (WEF) currently taking place in Addis Ababa, Alex Kyriakidis, President and Managing Director of Marriott International Middle East and Africa, said that there is a direct correlation between a countryÃ¢â‚¬â„¢s ability to grow and the entrance of hotel providers into the market. Ã¢â‚¬Å“Hotels bring new untapped revenue into the market by boosting tourism numbers and dollars, building infrastructure and creating jobs, which all resonate throughout the economy as a whole.Ã¢â‚¬Â
Marriott International has projected that by 2018, the new Courtyard by Marriott branded hotelÃ¢â‚¬â„¢s total revenue will be ETB 242 million (US$ 13 million) per year Ã¢â‚¬â€œ equating to ETB 1 billion (US$ 65million) injected into the economy over five years from only one 209- room hotel.
Ã¢â‚¬Å“The fundamental demand generators that drive our industry are alive and well on this continent,Ã¢â‚¬Â Kyriakidis said. Ã¢â‚¬Å“Marriott InternationalÃ¢â‚¬â„¢s investment into this region represents the economic realisation for the need for hotels Ã¢â‚¬â€œ countries need to invest in infrastructure, accommodation and airports to create jobs to grow the economy.
Ã¢â‚¬Å“By adding these two properties to its growing investment in Africa, Marriott International is demonstrating its confidence in the market Ã¢â‚¬â€œ that it will grow and that the economy will move forward at a staggering pace.Ã¢â‚¬Â