IFC and Attijariwafa bank Provide US$250 Million to Pickalbatros Hotels & Resorts Group for Casablanca Hotel Expansion
Marrakech, Morocco, Oct. 15, 2026 — IFC announced a partnership with Pickalbatros Hotels & Resorts Group to expand and modernize the company's hotel portfolio in Morocco, supported by a US$250 million financing package provided with Attijariwafa bank to Pickalbatros' Moroccan subsidiaries. IFC said the project is expected to help create more than 7,500 jobs and generate an estimated US$269 million in additional contributions to the economy by 2032.
Financing Structure: IFC Loan and Attijariwafa bank Capital
The package includes a US$165 million loan from IFC and US$85 million in private capital mobilized from Attijariwafa bank. Up to US$80 million of IFC's loan will be covered by credit insurance through its Managed Co-Lending Portfolio Program, known as MCPP. IFC said the package provides long-term financing for investment in Morocco's hospitality sector at a scale not readily available in the local market.
The financing forms part of a reported US$350 million Morocco investment program for 2026-2029 that includes acquisitions, renovations, environmental upgrades and refinancing. Part of the proceeds also refinances existing debt on longer maturities.
Casablanca Hotel Acquisitions and Renovations
IFC said the investment will enable Pickalbatros, which it described as one of Africa's largest hospitality platforms, to acquire three hotels in Casablanca and to refurbish and upgrade newly acquired and selected existing properties. Two of the Casablanca assets have been identified.
The Sofitel Casablanca Tour Blanche, a five-star hotel at Tour Blanche, Rue Sidi Belyout, was acquired from Moroccan hotel company RISMA for approximately MAD450 million, or roughly US$46 million to US$47 million. The Mövenpick Hotel Casablanca, at 2, Boulevard Mohamed Diouri, has 184 rooms. Both acquisitions took place in 2026, and the financing supports their planned renovation and sustainability work.
Pickalbatros operates 35 hotels across Egypt and Morocco, including seven in Morocco, where it has operated since 2015. With the Casablanca acquisitions, the group has nine Moroccan hotels with more than 2,700 rooms and is targeting approximately 7,000 rooms in Morocco by 2030.
Sustainability-Linked Terms
IFC said the financing is its first sustainability-linked green and partially blue financing in Africa and its largest investment in Africa's hospitality sector to date. Targets include lower greenhouse gas emissions and obtaining IFC's EDGE certification for selected hotels, which is expected to reduce energy and water use by at least 20 percent. IFC is also providing advisory support to strengthen Pickalbatros' sustainability practices and to help expand the use of sustainability-linked financing in Morocco's hospitality sector.
Jobs and Economic Impact
By 2032, the project is expected to support more than 1,350 direct jobs and approximately 6,200 indirect jobs. IFC said the expansion will also deepen South-South investment and facilitate the flow of private sector capital and hospitality expertise between African markets, while increasing the supply of quality accommodation in Morocco.
"This financing marks an important milestone, not only in our growth journey but for Morocco's hospitality sector, and reflects our strong confidence in the Kingdom's tourism potential," said Kamel Abou Aly, Founder and Chairman of Pickalbatros Hotels & Resorts. "Over the past two years, we have significantly expanded our presence in Morocco, and we look forward to contributing to Morocco's tourism ambitions and creating lasting value for the communities in which we operate."
"Morocco has a strong opportunity to translate the continued growth of its tourism sector into more jobs and broader economic opportunity," said David Tinel, IFC's Country Manager for Morocco. "This investment brings together an experienced regional operator, long-term sustainability-linked financing, and private capital to support business expansion, strengthen tourism infrastructure, and help the sector grow more sustainably."
Market Context: Morocco Tourism and the 2030 World Cup
Morocco's tourism sector is growing, with international arrivals reaching 19.8 million in 2025 and a national target of 26 million visitors by 2030, when the country will co-host the FIFA World Cup. IFC said continued investment in tourism infrastructure, skills and service quality can help sustain that momentum.
Casablanca's hotel market is recovering, though occupancy remains below full-cycle levels. RISMA reported December 2025 occupancy of 58% across its portfolio, with Casablanca at 57%, an increase of four percentage points from a year earlier. The acquisitions broaden Pickalbatros beyond its leisure-resort focus, adding exposure to corporate, diplomatic, events and international-tourism demand in Morocco's commercial capital.
IFC said the project is aligned with the World Bank Group's Country Partnership Framework for Morocco for FY2026-2035, launched in July 2026. The framework centers on more and better jobs and aims to support Morocco's transition toward a more productive, inclusive and private sector-led economy, with priorities including firm productivity and competitiveness, more inclusive and resilient territories, and stronger human capital.