Pickalbatros Hotels & Resorts secures $250 million for Moroccan expansion

Pickalbatros Hotels & Resorts has secured $250 million in financing from the International Finance Corporation (IFC) and Attijariwafa bank. The transaction, structured by Zilla Capital, is noted as the largest hotel financing ever supported by the IFC in Morocco.

The funds are designated for several strategic purposes, including the acquisition of the Sofitel Casablanca Tour Blanche and the Mövenpick Hotel Casablanca. This marks the group's expansion into Casablanca following established operations in Marrakech and the Agadir-Taghazout region.

Additionally, the capital will be used to modernize existing properties in Marrakech and Agadir, with a focus on improving environmental performance. The financing, which is divided into three tranches and indexed to sustainable development goals, will also facilitate the refinancing of existing debt to achieve longer repayment maturities. The operation covers a portfolio of nine hotels in Morocco, totaling more than 2,700 rooms.