Egyptian tycoon behind nine Moroccan hotels lands $250 million package for acquisitions, upgrades and debt refinancing

Egyptian hotel tycoon Kamel Abou Aly’s Pickalbatros Hotels & Resorts has secured a $250 million financing package from the International Finance Corporation and Attijariwafa bank, its transaction adviser announced. The package supports the group’s growing Moroccan business, combining hotel acquisitions and property upgrades with the refinancing of existing debt.

• Pickalbatros Hotels & Resorts secured $250 million in financing from IFC and Attijariwafa bank to expand its Moroccan business.
• The package supports acquisitions of two Casablanca hotels and upgrades in Marrakech and Agadir.
• The Egyptian-owned group now operates nine Moroccan hotels with more than 2,700 rooms.
• The financing also refinances existing debt, with final lender contributions and interest rates undisclosed.

The transaction brings international development finance and a Moroccan banking group behind an Egyptian-owned hospitality business expanding across North Africa.

Its uses include supporting the acquisitions of Sofitel Casablanca Tour Blanche and Mövenpick Hotel Casablanca, alongside improvements to properties in Marrakech and Agadir.

The financing also provides for existing debt to be refinanced over longer maturities, making the transaction a restructuring of financial obligations as well as support for growth.

According to a 15 October statement from Zilla Capital⁠, the exclusive financial adviser, the sustainability-linked package comprises three tranches and is denominated in two currencies.

Founded by Abou Aly in 1992, Pickalbatros has operated in Morocco since 2010. Its portfolio there now comprises nine hotels with more than 2,700 rooms, following its entry into Casablanca through the two acquisitions.

The adviser said the package brings acquisition, capital expenditure and refinancing requirements into a single financing structure. Its announcement does not disclose the final contribution of each lender or the interest rates.

Earlier IFC project documents⁠ describe a broader $350 million investment programme for 2026–2029, covering acquisitions, refurbishment, environmental upgrades and debt refinancing.

Those documents describe a proposed financing structure that differs from the package subsequently announced by Zilla. IFC’s separate investment disclosure lists an indicative board-approved loan of $165 million. The earlier figures should therefore not be treated as a confirmed breakdown of the final $250 million package.

The business consequence extends beyond adding hotels. Acquisitions give Pickalbatros a presence in another Moroccan city, while upgrades support the performance of its existing properties.

Refinancing can also spread repayments over a longer period, although its ultimate benefit depends on borrowing costs and other terms that have not been disclosed.

Abou Aly’s group is using the financing package to fund expansion while managing existing financial commitments. The $250 million headline figure covers several purposes, meaning not all of the financing will go towards acquiring or developing additional hotels.