Egyptian Hotel Group Acquires Iconic Marrakech Resort Palmeraie

Pickalbatros is strengthening its presence in Morocco. The group, which has 22 hotel units in Egypt, has bought the Palmeraie Resort complex in Marrakech from the company "Palmassets SA". Founded in 1993 by the Berrada Sounni group, the Palmeraie Resort, located in the heart of the Marrakech palm grove, covers 230 hectares and includes the Hotel du Golf, a five-star hotel with 315 rooms, the Golf Club with 11 exclusive suites, the Palmeraie Palace with 314 rooms, as well as a conference hall with a capacity of 3,500 seats, 13 restaurants and bars and a complete fitness center.

The amount of this acquisition has not been disclosed, but it would be one of the largest of the Egyptian group in Morocco. Pickalbatros plans to carry out renovation work on the Palmeraie Resort complex, managed since 2020 by Rotana, one of the leading hotel management companies in the Middle East. The group had already acquired on its own funds the Club Sangho in Marrakech (349 rooms) and the Palais des Roses in Agadir (410 rooms). The renovation work on these two units, underway, should cost 60 million euros. Their reopening is scheduled for February 2025.

In total, Pickalbatros has already invested $200 million in Morocco, where it now has seven hotel units. The Egyptian group aims to increase its hotel capacity in the kingdom by 43% in the next two years. It has set its sights on the city of Agadir, where the lack of hotel infrastructure is more keenly felt.