Casablanca – Pickalbatros Hotels & Resorts has secured $250 million in sustainability-linked financing from the International Finance Corporation (IFC) and Attijariwafa Bank to fund its expansion and hotel upgrades in Morocco.
Announced yesterday by investment bank Zilla Capital, which advised Pickalbatros on the transaction, the financing marks the largest IFC-backed hospitality financing deal in Morocco’s history. It is also the largest financing package secured by the Egyptian hospitality group.
The agreement brings together the World Bank Group’s private-sector investment arm and Morocco’s largest bank to support Pickalbatros’ growing hotel portfolio in the country.
According to IFC’s project disclosure, the financing consists of a loan of up to $165 million from IFC, alongside $135 million mobilized from other lenders. The total project cost stands at $386 million, with the remaining $86 million expected to come from the group’s equity.
The financing will cover the acquisition of three hotel assets, the refurbishment and upgrading of newly acquired and existing properties, and the refinancing of existing debt over longer maturities.
The group’s recent acquisitions include Sofitel Casablanca Tour Blanche and Mövenpick Hotel Casablanca. It will also invest in upgrading and improving the environmental performance of its hotels in Marrakech and Agadir.
Read also: Egypt’s Pickalbatros Secures $200 Million World Bank Loan for Morocco Expansion
Pickalbatros now operates a portfolio of more than 2,700 rooms across nine hotels in Morocco, as it expands its presence in the country’s tourism sector.
The financing includes sustainability-linked features tied to environmental performance. Planned refurbishment work is expected to improve energy and water efficiency across the group’s properties.
IFC will also support Pickalbatros in developing a sustainability framework and pursuing EDGE green building certification for key assets. The institution’s advisory work will help strengthen the group’s environmental, social and governance practices and establish a dedicated holding structure for its Moroccan operations.
The project is expected to contribute to job creation, domestic purchasing and economic activity linked to Morocco’s tourism industry.
Zilla Capital said it led the transaction from financing strategy and structuring through negotiations with lenders and the signing of financing documents. Its advisory team was co-led by founders and co-CEOs Moustafa El-Shenety and Khaled Gamal, alongside Managing Director Omar Zakaria, Director Abdelfatah Abomousa and Analyst Menna Sameh.
El-Shenety said the transaction reflected international and local confidence in Pickalbatros’ growth strategy and Morocco’s hospitality sector. Gamal described the deal as a milestone in Zilla Capital’s entry into the Moroccan market, where the firm plans to pursue further transactions in mergers and acquisitions, equity capital markets and debt capital markets.
ADNA acted as legal counsel to Pickalbatros, while Clifford Chance advised IFC and Attijariwafa Bank.
