The Moroccan government has completed the sale of its stake in the iconic La Mamounia hotel to the OCP Group. This transaction, valued at 1.7 billion dirhams (over $173 million), allows OCP to become the majority shareholder of this prestigious establishment.
According to documents reviewed by Al-Sharq Business, La Mamounia achieved a net profit of 226 million dirhams in 2023, marking a 10% increase compared to the previous year.
This divestment is part of a broader plan by the Moroccan government to disengage from several non-strategic holdings. Among the assets listed for divestiture are Marsa Maroc (25%), Maroc Telecom (22%), the Tahaddart power plant, a veterinary biological and pharmaceutical production company, and the national seed marketing company.
This transaction demonstrates the government’s intent to streamline its assets and focus on sectors deemed more strategic, while ensuring that national treasures like La Mamounia remain under Moroccan ownership.
A new chapter for Marrakech’s legendary hotel
The OCP already held a 40% stake in La Mamounia. Following this acquisition, the National Office of Railways (ONCF) retains a minority stake of less than 10%. This move marks a significant milestone for the hotel, which is an integral part of Morocco’s heritage.
Designed in 1923 by architects Henri Prost and Antoine Marchisio, La Mamounia is an architectural masterpiece. Nestled in a 15-hectare estate, the hotel seamlessly blends tradition and modernity. It notably served as the backdrop for Alfred Hitchcock’s film “The Man Who Knew Too Much” in 1956.
With 135 rooms and 71 suites, La Mamounia attracts a discerning international clientele. In 2023, the hotel recorded a net profit of 226 million dirhams, up 10% from the previous year. This performance highlights its appeal and success in the luxury hotel market.
