The OCP group acquires the La Mamounia hotel from the State

After several months of negotiations, the government sold its stake in the La Mamounia hotel in Marrakech to the Office Chérifien des Phosphates (OCP) group. This sale, which brought the State 1.7 billion dirhams, is part of a broader strategy of divestment of non-strategic assets. La Mamounia, which celebrated its centenary last year, is much more than just a hotel. With its 135 rooms and 71 suites, La Mamounia made a net profit of 226 million dirhams last year and has been repeatedly voted the best hotel in the world. The sale of La Mamounia is part of a government program aimed at generating 9 billion dirhams in revenue by 2024 through the sale of stakes in various non-strategic companies. Other companies affected include Marsa Maroc, Maroc Telecom and Tahaddart. This program has drawn criticism from some lawmakers, who believe that historically valuable assets like La Mamounia should not be sold, reports Al-Sharq Business. However, the Ministry of Economy and Finance reassured that all assets would remain under Moroccan control.

The La Mamounia sale process was rigorously supervised to guarantee transparency and fairness. Several key steps were followed, including a thorough evaluation of the hotel by independent experts to determine its market value. A call for tenders was then launched, attracting the interest of several national and international investors. After careful analysis of the proposals, OCP’s offer was selected due to its financial solidity and its commitment to preserving the heritage of La Mamounia. This is not the first time that OCP has taken over a major state project. In December 2023, the group had already acquired the entire capital of the company behind the Mazagan tourist complex for 1.6 billion dirhams. OCP, with its expertise and resources, is committed to maintaining La Mamounia’s standards of excellence while investing in future improvements to strengthen its status as a world leader in luxury hotels. The transaction sparked various reactions. Some see this sale as an opportunity to boost the economy and attract more foreign investment. Others, on the other hand, express concerns about the preservation of the cultural and historical identity of La Mamounia. The government, for its part, insists that this sale is a necessary step to optimize the management of public assets and strengthen the country’s economic competitiveness.