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Rabat – The Moroccan government has finalized the sale of its stake in the iconic Mamounia Hotel, the oldest and most renowned hotel in Morocco, to the state-owned OCP Group for 1.7 billion dirhams ($173 million).
According to a report from Asharq, the Mamounia Hotel, one of the most famous hotels in Marrakech, celebrated its centennial last year.
Known for its luxurious Moroccan architecture, the hotel was once a preferred destination for global luminaries such as Winston Churchill, Franklin Roosevelt, Charles de Gaulle, and Charlie Chaplin.
By the end of 2023, the hotel’s ownership was split among various companies and government entities.
The OCP Group previously held a 40% stake and has now become the controlling shareholder. The National Railway Office, which originally built the hotel and once owned more than half, now retains a less than 10% stake.
The Mamounia Hotel reported a net profit of MAD 226 million ($23 million) last year, up 10% year-over-year. The hotel boasts 135 rooms and 71 suites, all designed in traditional Moroccan style.
The sale of Mamounia Hotel is part of the Moroccan government’s broader strategy to divest from non-strategic assets.
The list includes Marsa Maroc, in which the state holds a 25% stake, Maroc Telecom with 22%, the electricity company Taharouat, a biological and veterinary pharmaceutical production company, and the national seed marketing company.
Read Also: Marrakech’s La Mamounia Named Best Hotel in North Africa
Moroccan lawmakers had previously expressed concerns over selling the Mamounia Hotel due to its cultural significance. However, the Minister of Economy and Finance, Nadia Fettah Alaoui, assured that all assets listed for sale would remain under Moroccan ownership.
The government aims to raise MAD 5 billion ($509 million) from the sale of its stakes in various companies by 2024, the report noted, adding that this target has been met following the recent divestment from the Mamounia Hotel.
The last significant state divestment occurred in December 2023, when Morocco sold its stake in the new city development company Mazagan for MAD 1.6 billion to the OCP Group, making it the sole owner of the project.
The government further expects to generate MAD 6 billion from its divestment program for 2025 and 2026.
