Pickalbatros Hotels & Resorts Expands in Morocco
In a significant development for the hospitality sector in Morocco, Kamel Abou-Aly, the president of Egypt's renowned Pickalbatros Hotels & Resorts, has announced that the group has secured a substantial $200 million loan from the World Bank. This funding is aimed at bolstering the company's expansion efforts within the Moroccan market, signifying a new chapter in the group’s growth trajectory. The loan is expected to be disbursed between August and September, with the funds earmarked not only for the initiation of four new projects across Morocco but also for the repayment of existing debts.
New Projects and Economic Impact
These projects, planned for major cities such as Casablanca and Marrakech, are anticipated to add approximately 800 new hotel rooms to the Pickalbatros portfolio within the next two years. This expansion will elevate the group's total presence in Morocco to around 16 hotels and resorts, solidifying its position in one of the region's fastest-growing tourist markets. Abou-Aly emphasized that this funding marks the first instance of the World Bank providing financial support to a private tourism enterprise in Africa, which underscores the importance of this investment. While the total investment cost for Pickalbatros's expansion in Morocco is still being evaluated, the group typically finances its projects through a blend of internal resources and bank loans. The expansion is not limited to Morocco; the group is also making significant investments in Egypt, including the upcoming launch of a Le Méridien hotel in Cairo, which will be the first Pickalbatros establishment in the Egyptian capital.
As reported by h24info.ma.
