Jul 02 2005 |
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Accor Maroc to Pump $180 Million in New Investments in Morocco's Tourism Industry
Cairo (ADP) - Accor Maroc, the subsidiary of the international hotel group chain Accor, decided to invest 1.6 billion dirham ($180 million) during the next four years by establishing 15 new hotels, the pan-Arab daily, Asharq al-Awsat reported Saturday.By adding 15 new hotels, Accor Maroc's hotel portfolio would increase to reach 36 hotels. Accor Maroc currently operates 21 hotels in Morocco, including nine under the Ibis Moussafir brand and six Sofitel properties.
Marc Thepot, director general of Accor Maroc, said that the company's target is to achieve a complete coverage of all Morrocan cities and provide a comprehensive tourist variety. "Today, we have 21 hotels and 3,000 rooms, starting from three-star hotels to five-star hotels," Thepot told the newspaper.
According to its investment program, the hotel's chain would establish Casablanca City Center for the tourists and businessmen. It would include 750 rooms, business center, and a shopping mall.
Accor Maroc has been managing its projects and investments in Morocco through its investment arm Risma Company. "In order to finance our investment program, we decided to increase the capital of Risma to exceed one billion dirham ($111 million), up from 750 million dirham ($84 million). The increase would be covered through issuing an Initial Public Offering (IPO) worth 300 million dirham on the Casablanca Stock Exchange (CSE) before October 2006," Thepot added. [FC]
By Eman Wahby
© APD (Arab Press Digest) 2005
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