The Egyptian hotel group Pick Albatros has been cleared to buy the Mövenpick Casablanca hotel, adding another major property to its growing portfolio in Morocco.
Morocco’s Competition Council approved the deal, which will see Pick Albatros, through its Moroccan subsidiary Albatros Prestige Groupe SA, take exclusive control of Luxor SA and the hotel operating assets owned by Sanlam Maroc.
The transaction covers the Mövenpick Casablanca hotel, along with its real estate and commercial assets. The deal was submitted to the Competition Council in early May. The value of the transaction has not been disclosed.
The buyer is Albatros Prestige Groupe SA, a Morocco-based company controlled by Egypt’s Pick Albatros Holding for Financial Investments. The seller is Sanlam Maroc, while Luxor SA is the company linked to part of the assets being transferred.
The acquisition is part of Pick Albatros’ wider expansion plans in Morocco. The group, chaired by Egyptian businessman Kamel Abou Ali, has announced a $200m investment programme aimed at making Morocco a key market for its hotel business.
In April, the group agreed to buy the Sofitel Casablanca Tour Blanche from Risma for MAD 450m. It has also expanded through other acquisitions and investments, including the Palmeraie Palace & Golf Hotel in Marrakech, the reopening of the Palais des Roses in Agadir after a MAD 500m renovation, and the launch of the 341-room Pickalbatros Sungo Club in Marrakech.
With these investments, the group now controls more than 2,600 hotel rooms across Morocco.
For Sanlam Maroc, the sale marks its exit from a hotel asset in Casablanca. Before the transaction, the management company behind the hotel carried out a restructuring that included a capital reduction to absorb more than MAD 38m in accumulated losses.
The deal comes as international hotel operators show growing interest in Morocco’s hospitality sector, particularly in existing hotels in major cities rather than new construction projects.
Located in Casablanca’s business district, the Mövenpick hotel targets both business travellers and the meetings, conferences and events market.
The interest in Morocco is being driven by strong tourism growth and major infrastructure projects, including rail, airport and port upgrades. Investors are also positioning themselves ahead of the 2030 FIFA World Cup, which Morocco will co-host with Spain and Portugal.
Industry forecasts estimate Morocco’s hotel market will grow from about $810m in 2024 to $1.12bn by 2029.
