Pickalbatros Hotels and Resorts has signed a US$250 million sustainability-linked financing agreement with the International Finance Corporation (IFC), a member of the World Bank Group, and Attijariwafa bank (AWB), one of Morocco’s leading banking groups. The funding will support growth in its Moroccan hotel portfolio and upgrades to properties in Casablanca, Marrakech and Agadir.
The transaction is the largest IFC-backed hospitality financing in Morocco’s history, marking a milestone for national tourism and reflecting international and local financial institutions’ confidence in the country’s hospitality sector.
Funding will support the group’s recent acquisitions of Sofitel Casablanca Tour Blanche and Mövenpick Casablanca, including renovations and upgrades to both properties, improvements to its Marrakech and Agadir properties, and refinancing of existing debt with longer maturities.
It is also the largest financing transaction in Pickalbatros’ history and a further step towards strengthening corporate governance in line with the standards of its international and local financing partners.
The financing builds on the group’s Moroccan expansion. It added more than 1,400 rooms over the past two years, bringing its portfolio to over 2,700 rooms across nine hotels. Approximately 700 rooms fall within the investment programme supported by this financing, including those at the recently acquired Sofitel Casablanca Tour Blanche and Mövenpick Casablanca. The investment is also expected to create jobs and strengthen local business partnerships through increased procurement from Moroccan suppliers.
Alongside expansion, Pickalbatros continues to prioritise sustainable operations through investment in energy and water efficiency, reducing its environmental footprint and aligning its hotels with international green building and sustainable tourism standards.
The group welcomed IFC as a long-term financing partner alongside its longstanding banking partner, Attijariwafa bank. The collaboration combines global development finance expertise with the capabilities of a leading Moroccan bank to support the group’s expansion ambitions.
The financing comes as Morocco strengthens its position as one of Africa’s leading tourism destinations, having welcomed a record 19.8 million tourists in 2025. With the country targeting 26 million visitors by 2030, when it will co-host the FIFA World Cup with Spain and Portugal, Pickalbatros continues expanding and upgrading its hotel portfolio to meet growing demand for high-quality accommodation.
Kamel Abu Ali, Founder and Chairman of Pickalbatros Hotels and Resorts, said: “This financing marks an important milestone, not only in our group’s growth journey, but also for Morocco’s hospitality sector, and reflects our strong confidence in the kingdom’s tourism potential.”
He added: “Over the past two years, we have significantly expanded our presence in Morocco and will continue investing in our hotels. We are delighted to welcome IFC as a new financing partner alongside Attijariwafa bank, whose continued support has been instrumental in the group’s growth.”
He praised Zilla Capital, the group’s longstanding financial adviser, whose deep understanding of the business was key to structuring and successfully executing the transaction. He said the partners look forward to supporting Morocco’s tourism ambitions and creating lasting value for the communities in which they operate.
Mostafa El-Shanty, Co-Founder and Co-CEO of Zilla Capital, said: “We are proud to advise Pickalbatros on this landmark US$250 million financing, the largest IFC-backed hospitality financing in Morocco to date.”
He added that cooperation between IFC and Attijariwafa bank reflects strong international and local confidence in Pickalbatros’ growth strategy and Morocco’s hospitality sector, and that Zilla Capital looks forward to continuing to support future expansion.
Zilla Capital acted as exclusive financial adviser to Pickalbatros on the transaction, while ADNA served as the group’s legal adviser.
David Tinel, IFC’s regional representative in Morocco, said the country has promising opportunities to translate continued tourism growth into more jobs and wider economic opportunities. He added that the investment combines an experienced regional operator, long-term sustainability-linked financing and private capital to support expansion, strengthen tourism infrastructure and contribute to more sustainable sector growth.
About Pickalbatros Hotels and Resorts
Founded in 1992 by Kamel Abu Ali, the privately owned hospitality group develops, owns and operates hotels, resorts and leisure destinations in Egypt and Morocco.
Since entering Morocco in 2010, it has established a presence in Marrakech, Agadir-Taghazout and Casablanca. Its Moroccan portfolio includes Savoy Le Grand Hotel and the adjoining Menara Mall, Palmeraie Golf Palace, Pickalbatros Sungo Club, Pickalbatros Aqua Fun Club, Pickalbatros Hôtel du Golf, Pickalbatros Palais des Roses and Pickalbatros White Beach Taghazout.
In 2026, acquisitions of Sofitel Casablanca Tour Blanche and Mövenpick Casablanca strengthened its presence in Casablanca. The group currently operates nine hotels in Morocco, with more than 2,700 rooms.
About IFC
IFC, a member of the World Bank Group, is a leading global development institution focused on the private sector in emerging markets. It operates in more than 100 countries, using its finance, expertise and partnerships to develop markets and create opportunities in developing countries.
In financial year 2025, IFC committed a record US$71.7 billion to private companies and financial institutions in developing countries, advancing private-sector solutions and mobilising private capital to help build a world free of poverty on a liveable planet.
About Attijariwafa bank
Attijariwafa bank is one of Africa’s leading banking and financial groups. In addition to its core banking activities, specialised subsidiaries provide insurance, mortgage and consumer finance, leasing, asset management, securities brokerage, private banking, financial advisory services, long-term vehicle leasing and factoring.
The group employs more than 22,000 people and serves over 12 million customers through a network exceeding 8,000 branches. Headquartered in Morocco, it operates in 27 countries, including African markets such as Egypt, Tunisia, Mauritania, Senegal, Burkina Faso, Mali, Côte d’Ivoire, Togo, Niger, Benin, Congo, Gabon, Cameroon and Chad.
Its activities also extend to Europe through banking subsidiaries in Belgium, France, Germany, Italy, Spain and Switzerland, with representative offices in Dubai, Riyadh, Abu Dhabi, London, Montreal, Beijing and Doha.
