The hotel recently unveiled renovation plans, with its doors to be closed next year.
The company seeks to sell the hotel to another state institution to get rid of $1 billion of debt, General Director of ONCF Rabbi Khlie said on Wednesday, November 20.
ONCF owns 60% shares in the hotel. La Mamounia is seen as one of the most prestigious buildings in the North African country.
In February 2019, Morocco’s government privatized several public institutions.
The Mamounia Hotel, built in the early 1920s by French architects Henri Prost and Antoine Marchisio, is one of a number of public institutions that will be part of the privatization initiative.
The hotel with more than 150 rooms has hosted businessman and renowned figures throughout its history.
The hotel includes Moroccan salons, riads, and more than 60 suites.
Winston Churchill, Hitchcock, Charlie Chaplin, Mick Jagger, Edith Piaf, and Jacques Chirac all stayed at the palace hotel.
La Mamounia recently announced key plans for renovation, with a closure expected from May 25 to September 1, 2020 to complete the projects.
Quoted by Luxury Travel Magazine, the hotel’s General Manager Pierre Jochem said, “We look forward to the challenge that will see La Mamounia refurbished, both representing the current day and a 95-year-old property that has maintained its charm and heritage through the decades”,
La Mamounia was renovated by world-renowned French architect and hotel designer Jacques Garcia in 2009.