Emerging market investor Actis has teamed up with Westmont Hospitality Group to buy a 309-key Sheraton hotel in Morocco.
The partnership, which plans to implement a “comprehensive business plan” including a full refurbishment of the asset, paid an undisclosed amount for the Sheraton Casablanca hotel.
The hotel was built in 1989.
Actis and Westmont established a joint venture in 2018 to acquire hospitality assets in major cities across Africa. The joint venture closed its first acquisition in September 2018 with the 231-key Four Points by Sheraton located in Lagos, Nigeria.
Funke Okubadejo, director at Actis, said: “The acquisition of the Sheraton Casablanca marks the next step of our joint venture platform. Current hotel supply in Casablanca is not sufficient to meet the greater demand for higher-end products.
“As an experienced and trusted partner, we have enormous confidence in Westmont’s ability to handle the operational aspects of this exciting investment.”
Ewan Cameron, director of Africa Development at Westmont, said: “Morocco is a promising investment destination on the Africa continent, with convenient access to the European single market. Casablanca City is frequently sighted as the first investment base for European companies expanding into Africa.
“Actis and Westmont acquiring the landmark Sheraton Casablanca and investing to make the Sheraton once again the first choice for business travellers and meeting hosts in Morocco is a logical addition to our African hotel investment plan.”
and plans to which was built in 1989
