PickAlbatros files for Mövenpick Casablanca, its second Casablanca hotel buy in a month

PickAlbatros has filed to acquire Mövenpick Casablanca from Casablanca-listed insurer Sanlam Morocco and its hotel-holding subsidiary Luxor, according to a notice (pdf) by the Moroccan competition watchdog. This is the second Casablanca acquisition in roughly a month — Sofitel Casablanca Tour Blanche was picked up for USD 47 mn from Risma in April — and the third hotel purchase tied to a USD 200 mn investment pipeline the group is deploying.

The 184-key acquisition covers both the hotel’s commercial and real estate assets and is being routed through Albatros Prestige Group, a Moroccan SPV set up for the transaction. Terms were not disclosed.

The Morocco book is filling up fast: If the transaction goes through, Mövenpick Casablanca will join four Marrakech properties the group acquired in 2024 — Savoy Le Grand Hotel, Aqua Fun Club Resort, Hôtel Du Golf Palmeraie, and Sungo Club — alongside the White Beach Resort in Taghazout and Palais Des Roses in Agadir, according to its website.

BACKGROUND- PickAlbatros signaled plans to expand its presence in Morocco three years ago, pledging USD 140 mn in investment through to 2025, likely to capitalize on the country’s booming tourism sector which saw a record 19.8 mn arrivals and USD 13.9 bn in revenues last year. Morocco is also hosting the 2030 World Cup, which will fill stadiums and hotels.

IN CONTEXT- The Mövenpick filing is part of a larger USD 200 mn investment pipeline for 2026. Earlier this week, the group snapped up the Oberoi Beach Resort Sahl Hasheesh from EBank in an EGP 3.8 bn allcash transaction. Three hotels in roughly five weeks, across two countries.

What’s next: The transaction is currently in a mandatory 10-day public comment period that began on 7 May.