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Marriott Plans Rapid Expansion In Africa, Sees 50% Growth In Portfolio By 2023

Marriott International Inc. (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.

The company signed five new hotel projects, which are expected to drive investment of over $250 million by the property owners and will generate substantial economic activity. Marriott sees the new signings will further consolidate its presence in Ghana, Kenya, Morocco and South Africa and mark the company's entry into Mozambique.

According to the firm, strong demand for select-service brands and conversion opportunities are driving its momentum of growth.

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.

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