The first locations being considered for Middle East Proteas are not surprisingly two of the firm’s key regional markets: Dubai and Egypt.
“We have owners who we are speaking to about Proteas in Dubai and also Proteas in Egypt. These are two markets where we have a lot of interest. I’m certainly very pleased that already the name is out there and people know it.”
Even without another acquisition, Marriott’s signings have been strong in the region for the past year, with a cumulative annual growth rate of 25% in rooms from 2013 to 2018 (if the operating portfolio at year-end 2013 plus the pipeline announced since then is considered).
| Advertisement |
Additionally, the company expects its fees to grow from US $36 million to around $120 million in 2018.
“I think here in the Gulf we have had some phenomenal successes with regards to growth,” comments Kyriakidis.
“If you look at our pipeline today, we have 52 hotels, and nearly 11,000 rooms under construction in the region.
"When I joined, we did a strategic review called ‘Middle East & Africa 2020’. We set a goal to get to 70,000 rooms by 2020 operating and in the pipeline in the region.
"We were at the 20,000 level and it’s really my ambition with the team to deliver 70,000 rooms by 2020 and to develop a team that grows in terms of talent, seniority and learning to deliver that ambition to Marriott.”
Search our database of more than 2,700 industry companies
