Fram announced Wednesday morning the signing of a protocol relating to the sale of its 4 establishments in Morocco with the Atlas Hospitality Morocco group. A sale which secures the future of the group, while awaiting an opening of capital which is still ongoing.
Fram announced Wednesday morning the signing of a protocol relating to the sale of its 4 establishments in Morocco with the Atlas Hospitality Morocco group. A sale which secures the future of the group, while awaiting an opening of capital which is still ongoing.
It’s done. Fram has completed the sale of its four Moroccan hotels: Les Jardins de l’Agdal (5*) and Les Idrissides (4*) in Marrakech, the Volubilis (4*) in Fez and the Dunes d’Or (4*) in Agadir, for an undisclosed amount. Negotiations, strategic for the sustainability of the cash-starved company, have been going on for months at Atlas Hospitality Morocco, a Moroccan hotel group.
A memorandum of understanding was signed with Atlas Hospitality Morocco (AHM), a Moroccan hotel group with which Fram has had “strong commercial relations” for many years, specifies a press release.
“These strategic disposals are a continuation of the actions undertaken by the Fram Management Board to sustainably turn around the group. This new stage thus consolidates the company’s dynamic rebound, already displayed in the 2013 financial results,” he continues.
Return to profitability confirmed. “This is good news,” comments the group’s spokesperson. « The future of Fram is thus assured in the medium term. The company once again has the means for its development. The turnaround period is now behind us with a calmer situation and a return to profitability confirmed on December 31, as announced. »
“These strategic actions, thus releasing new resources, also allow the Fram group to gain autonomy and long-term vision, and thus finance our future developments,” explains Marie-Laurence Viuille Féral.
Arriving as Chairman of the Executive Board last April, the latter therefore sticks to her roadmap. The search for investors for an opening of capital is « still relevant », like the sale of other hotel assets, particularly in Tunisia and Senegal. “There will be sales depending on opportunities. But there is no more urgency now,” adds Fram.
Fram remains active in Morocco
According to the press release, Fram will maintain “a strong presence in Morocco by maintaining its own reception and transport activities”. A 5-year marketing contract was also signed with Atlas Hospitality Morocco for the hotels concerned. The Idrissides and the Dunes d’Or will remain labeled Framissima.
AHM is at the head of a major hotel park in Morocco where it is owner and manager. With 27 establishments and 10,000 beds spread over the 5, 4 and 3 star segments, it employs 2,500 people and achieves 1.5 million overnight stays annually.
Source: L echotouristique.com
http://www.lechotouristique.com/article/fram-les-hotels-marocains-sont-vendus,68677#xtor=EPR-2
Mohamed Rial
