Casablanca:Pickalbatros Hotels & Resorts has secured $250 million in financing from the International Finance Corporation (IFC) and Attijariwafa bank to support its expansion and sustainability projects in Morocco. This financing is the largest hotel financing operation ever supported by IFC in the country and will facilitate acquisitions, portfolio expansion, and sustainable upgrades for the hotel group in key locations including Casablanca, Marrakech, and Agadir.

According to Agence Marocaine De Presse, the agreement was signed by key figures such as Kamel Abou Aly, founder and chairman of Pickalbatros Hotels & Resorts, and David Tinel, IFC Country Manager for Morocco, among others. The financing is set to boost the group’s recent acquisitions, including the Sofitel Casablanca Tour Blanche and Mövenpick Hotel Casablanca, alongside renovations and upgrades of its other properties.

The investment comes as Pickalbatros continues its rapid growth in Morocco, having increased its room capacity by over 1,400 in the past two years, reaching a total of 2,700 rooms across nine hotels. The group is also focused on enhancing sustainability through energy and water efficiency measures, aligning its properties with international green standards.

Kamel Abou Aly emphasized the significance of this partnership with IFC and Attijariwafa bank, noting its role in supporting the group’s ambitions amid Morocco’s growing tourism sector. With the country aiming to attract 26 million visitors by 2030, coinciding with its co-hosting of the FIFA World Cup, Pickalbatros is committed to expanding and modernizing its hotel offerings to meet increasing demand.

David Tinel underscored the project’s importance for IFC, highlighting tourism as a vital sector for economic growth and job creation in Morocco. The investment is projected to create around 7,500 direct and indirect jobs, further strengthening Morocco’s tourism industry, which saw nearly 20 million international arrivals last year.

Moustafa El-Shenety of Zilla Capital noted the confidence that both foreign and domestic partners have in Pickalbatros’ growth strategy and the positive outlook for Morocco’s hotel industry. This financing operation signifies a major milestone for both the group and the national tourism sector.