An iconic hotel in Casablanca is undergoing a significant ownership transition. The Mövenpick, previously held by Sanlam Morocco and its subsidiary Luxor SA, is now set to be owned by the Egyptian hospitality powerhouse, Pickalbatros. Unless an unexpected intervention arises from the Competition Council, this deal is finalized and ready to reshape the city's accommodation landscape.
This transaction is particularly noteworthy not merely for its existence but also for its timing. Just six weeks prior, Risma, the dominant hotel operator listed on the Casablanca Stock Exchange, completed the sale of the Sofitel Tour Blanche to Pickalbatros for an impressive 450 million dirhams. In a remarkably short span of time—under two months—Pickalbatros has solidified its commitment to Casablanca, signaling that they are not merely exploring the market, but are firmly establishing their presence.
Strategic Growth and Historical Context
To comprehend the current dynamics of Pickalbatros’s activities in Casablanca, it is essential to look back at the group’s history in Morocco. Since its inception in the country in 2010, when it took over three Royal Mirage hotels in Marrakech, Fez, and Agadir that were in receivership due to their Emirati owner, Pickalbatros has exemplified a strategy of revitalizing distressed assets. This approach has enabled them to acquire properties that their previous owners could no longer maintain, thereby transforming these assets into profitable ventures under their brand.
In 2012, Pickalbatros expanded its portfolio by launching the Aqua Fun Club Resort in Marrakech, which was the city's first major water park and marked the beginning of their strategy that transcends mere hospitality. By 2015, the founder Kamel Abou Aly unveiled the Menara Mall, the largest shopping center in Marrakech, constructed in just 18 months with a staggering investment of 1.5 billion dirhams, predominantly financed by the group’s own resources. This was followed by the establishment of the Savoy Le Grand Hotel, a premium urban hotel adjacent to the Mall, and the White Beach Resort in Taghazout, a lavish adults-only retreat. Through this gradual yet steady approach, Pickalbatros has built a significant presence in Morocco over the past decade.
As we look towards 2024, the company is accelerating its growth trajectory. Within a few months, it has acquired four additional distressed properties, including the Club Sangho Privilège in Marrakech and the expansive Palmeraie Resort, which features a 5-star hotel, an 18-hole golf course, and numerous dining options. The group also plans to invest an additional 600 million dirhams into the Palais des Roses in Agadir, which is expected to reopen in May 2025. Furthermore, in September 2025, the Sungo Club will debut in Marrakech, showcasing a refurbished historical building and a FIFA-standard football pitch. With these acquisitions, Pickalbatros is poised to operate around ten properties across Morocco.
Casablanca: The New Frontier for Urban Luxury
The Sofitel Tour Blanche is a notable acquisition for Pickalbatros. Opened in 2012 in the bustling Sidi Belyout district, this 171-room, 5-star hotel primarily caters to corporate clients and business travelers, contrasting sharply with the leisure-focused resorts that dominate their portfolio. The acquisition of the Mövenpick hotel follows a similar strategy. Owned by Sanlam Morocco, which is not primarily a hospitality entity, the property represents an asset that its current owner is eager to monetize. For Pickalbatros, this acquisition signals a strategic shift toward urban luxury, enhancing its footprint in Casablanca's economic heart.
Moreover, in December 2025, the group's Moroccan subsidiary secured a 50% stake in Sindipark SA, the operator of the Sindibad amusement park in Casablanca, marking a significant expansion beyond just hospitality into urban leisure. This strategic move positions Pickalbatros not merely as a hotel operator but as a key player in the broader urban landscape of Casablanca.
Kamel Abou Aly, the visionary behind Pickalbatros, is a rare breed of entrepreneur who wears multiple hats within the organization. As the founder, chairman, and CEO, he has orchestrated the group’s rise to an estimated valuation of 5 billion dollars, earning recognition from Forbes Middle East as one of the world’s leading figures in tourism. With a vision that began with the Beach Albatros Resort in Hurghada, Abou Aly has maintained a focused strategy of acquiring undervalued assets and refurbishing them without relying on international franchises, thereby ensuring that the brand retains its unique identity.
The expansion of Pickalbatros prompts critical questions about the Moroccan market. Why is it that an Egyptian group can successfully identify, acquire, and rejuvenate approximately ten hotel properties over a span of fifteen years, while local investors have largely remained absent from similar opportunities? The sellers in these transactions, including major players like Risma and Sanlam Maroc, are indicative of a market in transition, wherein established entities are looking to divest from distressed assets, leaving the door open for opportunistic buyers like Pickalbatros.
As Morocco prepares to co-host the 2030 World Cup with Spain and Portugal, the urgency to enhance hotel capacity in cities like Casablanca is palpable. Pickalbatros has seized this opportunity ahead of its competitors, and the future of the Sofitel Tour Blanche and Mövenpick under Egyptian stewardship remains an area of keen interest. The group's commitment to maintaining its brand may be tested in the competitive business-travel market, where established names like Accor and Mövenpick hold substantial sway among international corporate clients. The choices that Abou Aly makes in the coming years will undoubtedly reflect his long-term ambitions in Morocco's economic capital. For now, Pickalbatros is advancing with a thoughtful, methodical approach, and little by little, Casablanca is beginning to resonate with an Egyptian influence.
As reported by telquel.ma.
