OCP Acquires Majority Stake in Iconic Marrakech Hotel La Mamounia for $170 Million

The Office Chérifien des Phosphates (OCP) has acquired the state’s stake in the La Mamounia hotel for 1.7 billion dirhams. An acquisition that allows it to become the majority shareholder of the prestigious hotel establishment, of which it previously held 40% of the capital, reports Al-Sharq Business, adding that the National Railways Office (ONCF) now owns less than 10% of the capital.

Built in 1923, the La Mamounia Palace exudes luxury, elegance and sophistication. The establishment has 135 rooms and 71 suites. Several world personalities and crowned heads such as the former Prime Minister of the United Kingdom, Winston Churchill, the famous American singer Ray Charles, Rita Hayworth, Omar Sharif or Orson Welles, have stayed in this hotel. Cult films like "The Man Who Knew Too Much" (1956), by the famous filmmaker Alfred Hitchcock, were also shot in the establishment.

Saved from privatization, considered in 2019, the La Mamounia hotel is part of a hotel group born from the alliance of OCP, ONCF (National Railways Office) and the Hassan II Fund for Economic and Social Development. Last year, the establishment recorded a net profit of 226 million dirhams (up 10% from the previous year).