HOW WE STARTED
Protea Hotels was formed on 1 July 1984, with an initial base of four managed properties which were controlled by Otto Stehlik and his partners.
These properties were the Heerengracht and Capetonian Hotels in Cape Town, the Protea Gardens Hotel in Johannesburg and the San Lameer resort on the KwaZulu Natal South Coast.
The company was owned 60% by Bankorp and 40% by Stehlik and his partners. A rapid expansion programme followed and within a few years, Protea Hotels offered accommodation right across the three-, four- and five-star spectrum.
MANAGEMENT BUY OUT
In 1987, the Stehlik team bought out Bankorp's share in the management and property companies. Stehlik and his six co-directors thus controlled 100% of Protea Hotels. In 1994, a further five directors were appointed to the Protea Hotels Board.
EMPOWERMENT THROUGH EQUITY
On 30 October 2000, Protea Hotels sold 18% of its shareholding to two Black Economic Empowerment partners. In 2005 Protea Hotels concluded a further Black Economic Empowerment transaction that saw a 53% BEE stakeholding in Protea Hotels.
PURCHASE BY STELLA HOSPITALITY GROUP, AUSTRALIA
On 1 July 2007, Protea Hotels was sold to Stella, a leading global hospitality and travel group. Protea's Black Empowerment Partners retained a 26% shareholding.
On 1 July 2009, a consortium including Protea Hotels' management, its Black Economic Empowerment partners and Investec Bank Limited bought back the 74% the hotel group sold to Stella Hospitality Group.
On 1 April 2014, Protea Hotels sold its hotel marketing, management and franchise business to Marriott International. Marriott International, Inc (NASDAQ: MAR) is a leading lodging company based in Bethesda, Maryland, USA, with over 4,000 properties in 80 countries and territories and reported revenues of nearly $13 billion in 2013. The company operates and franchises hotels and licenses vacation ownership resorts under 18 brands globally. For more information or reservations, please visit www.marriott.com
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