Platinum Hospitality Holdings, a property company that holds the real estate retained by the Protea Hotels Group after Marriott International Inc bought the management company in April 2014, has started an asset management business and is on the lookout for suitable deals.

Headed by Arthur Gillis, formerly CEO of Protea Hotels, the group retains full or part ownership of 16 properties. They include landmarks such as Protea Hotel Fire & Ice! Cape Town, Protea Hotel Sea Point and Protea Hotel OR Tambo Airport. All have management contracts with Protea/Marriott.

“We want to assist other owners with third-party managers,” Gillis told Tourism Update, pointing out that Platinum Hospitality Holdings was being selective with a high threshold for qualification.  The company could offer significant value to properties in distress. “The type of meetings we are currently engaged in are with bankers and liquidators,” he said. 

Platinum, located in Cape Town, did not favour any particular category of hotel and was a cash buyer, he said.

Gillis is CEO of Platinum Hospitality Holdings and is also Non-Executive Chairman for Development for Marriott Africa, largely a consulting role. He said he had a superb relationship with Protea/Marriott and was impressed with the new management.