🇲🇦MoroccoNorth Africa
Pickalbatros partners with IFC for hotel expansion in Morocco
via Le Matin2 min read
The International Finance Corporation IFC, the private sector arm of the World Bank Group, plans to support Pickalbatros Hotels & Resorts' expansion in Morocco with up to $200 million in financing. This funding will back a $350 million investment program focused on acquiring, renovating, and greening hotel assets. Pickalbatros, founded in 1992 by Egyptian businessman Kamel Abou-Ali, operates over 35 hotels and resorts, with 28 in Egypt and 7 in Morocco. The financing package includes a $160 million A loan from the IFC and a $40 million B loan from partner lenders, with the remaining $150 million covered by the Group's equity. Investments will target projects in Marrakech, Agadir, and Casablanca, allocating $125 million for two hotel acquisitions, $105 million for renovation and modernization of new assets, and $65 million for upgrading existing hotels. An additional $55 million will refinance local medium-term debt. The initiative also aims for environmental performance, improving energy and water efficiency in hotels. Beyond financing, the IFC will assist Pickalbatros in developing a comprehensive Sustainability Framework and obtaining environmental certifications. The IFC expects this operation to benefit the Moroccan economy through job creation, increased local procurement, and enhanced links with other sectors, while also accelerating green and blue tourism finance in Morocco. This long-term financing, potentially up to ten years, addresses a shortage of long-term resour
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