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Moroccan state has sold its stake in the iconic Mamounia Hotel to the state-owned OCP Group for 1.7 billion dirhams ($173 million), according to Al Sharq, which cites well-informed sources.
The hotel, a Marrakech landmark, celebrated its centenary last year and boasts a rich history hosting international dignitaries such as Winston Churchill, Franklin Roosevelt, Charles de Gaulle, and Charlie Chaplin.
Prior to the sale, the Mamounia's ownership was divided among various entities, with OCP holding a 40% stake. The National Railway Office, the hotel's original builder, previously owned a majority share but now holds less than 10%. Despite this, the Mamounia Hotel reported a net profit of 226 million dirhams in 2023, a 10% increase year-over-year.
The hotel, opened in 1923, has 136 rooms, 71 suites, including seven-star suites; three riads with lounges and private swimming pools; five bars, four restaurants and a spa, among other services.
