Marriott International and Ethiopian developer Sunshine Construction announced a deal that will inject ETB 1 billion into the local economy over five years.
Under the agreement, Marriott International will manage two properties currently being built by Sunshine Construction – 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 2014 and 2015, respectively. This marks Marriott International’s first foray into the country.
Marriott International has projected that by 2018, the new Courtyard by Marriott branded hotel’s total revenue will be $13 million per year – equating to $65 million injected into the economy over five years from only one 209-room hotel.
As well as Ethiopia, Marriott International is focusing its growth on Benin, Gabon, Ghana, Nigeria and Rwanda, with a number of new properties scheduled to open over the next five years.