The Moroccan government is planning to sell a 51% stake in La Mamounia Hotel.
According to a Bloomberg report, two sources have confirmed the news. The hotel is a former Marrakesh palace-turned-five-star hotel that has welcomed leaders such as the late French leader Charles de Gaulle and former British Prime Minister Winston Churchill.
The report adds that the government is expected to fix a minimum price and invite bids sometime in 2019, one of the people familiar with the plan said. The majority stake is currently held by the state railways monopoly, while minority shareholders include the state-controlled investment management fund, Caisse de Depot et de Gestion (CDG), and Marrakesh’s city council.
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The hotel dates back to 1923 and the eight acres of garden surrounding the hotel were established in the back in the 18th century. In 2009, the hotel was redecorated by French interior designer Jacques Garcia as part of a $100 million refurbishment.
A total of 8.7 million tourists visited Morocco in the first eight months of 2018, up 8% year-on-year, according to statistics released by the Moroccan Tourism Ministry.