Pickalbatros Hotels & Resorts Secures $250 Mln Financing From IFC, Attijariwafa bank to Expand in Morocco

Marrakesh – The hotel group Pickalbatros Hotels & Resorts signed an agreement on Thursday in Marrakesh with the International Finance Corporation (IFC), a member of the World Bank Group, and Attijariwafa bank to support the development and modernization of its hotel portfolio in Morocco.

The $250 million financing, the largest hotel financing operation ever supported by IFC in Morocco, is expected to contribute to hotel acquisitions, portfolio expansion and sustainable upgrading projects for the hotel group in Casablanca, Marrakech and Agadir.

Signed by Kamel Abou Aly, founder and chairman of Pickalbatros Hotels & Resorts, Moustafa El-Shenety, founder and co-CEO of Zilla Capital, David Tinel, IFC Country Manager for Morocco, and Mohamed Redouane El Alj, Executive Director of Attijariwafa bank Group, the agreement marks a major milestone for the national tourism sector and reflects the confidence of international and domestic financial institutions in Morocco’s hotel industry.

The financing will notably support the group’s recent acquisitions, namely the Sofitel Casablanca Tour Blanche and Mövenpick Hotel Casablanca, including renovation work at both properties, as well as the upgrading of its hotels in Marrakech and Agadir.

The financing comes amid the rapid expansion of Pickalbatros Hotels & Resorts in Morocco, where the group has added more than 1,400 rooms over the past two years, bringing its total portfolio to more than 2,700 rooms across nine hotels.

Beyond expanding its network, Pickalbatros Hotels & Resorts is also committed to improving the sustainability of its operations through investments in energy and water efficiency, reducing its environmental footprint and bringing its properties into line with international standards for green building and sustainable tourism.

Kamel Abou Aly, founder and chairman of Pickalbatros Hotels & Resorts, welcomed IFC’s arrival as a long-term financial partner alongside Attijariwafa bank, whose longstanding support has played a decisive role in the group’s growth. He noted that the operation brings together international development finance expertise and Morocco’s leading bank to support the group’s ambitions in the Kingdom.

In a statement to the press, Abou Aly stressed that the financing comes as Morocco consolidates its position as Africa’s most visited destination, having welcomed a record 19.8 million tourists in 2025.

“As the Kingdom aims to attract 26 million visitors by 2030, the year it will co-host the FIFA World Cup alongside Spain and Portugal, the group is investing in the expansion and modernization of its hotel portfolio to meet growing demand for quality accommodation,” he added.

The financing, he noted, represents “an important milestone, not only in the group’s growth trajectory but also for Morocco’s hotel sector.” It reflects Pickalbatros’ strong confidence in the Kingdom’s tourism potential, he said, pointing out that the group had significantly expanded its presence in Morocco over the past two years and intended to continue investing in its properties.

In a statement to MAP, David Tinel, IFC Country Manager for Morocco, highlighted the importance of the project concluded with Pickalbatros Hotels & Resorts, noting that tourism is a priority sector for IFC, particularly in the run-up to the 2030 FIFA World Cup, but also more broadly as a driver of growth and quality job creation.

He noted that the investment is expected to contribute to the creation of around 7,500 direct and indirect jobs, underscoring the positive momentum in Morocco’s tourism sector, which recorded nearly 20 million international arrivals last year.

In a similar statement, Moustafa El-Shenety, founder and co-CEO of Zilla Capital, said the financing represents the largest hotel financing operation supported by IFC to date in Morocco. He noted that the joint mobilization of IFC and Attijariwafa bank reflects the confidence of both foreign and domestic partners in the hotel group’s growth strategy and in the outlook for Morocco’s hotel industry.