Jones Lang LaSalle Hotels has sold the Hilton Rabat for approximately US $89 million (approx. €60 mln) to Risma Holding, a publicly listed company on the Casablanca stock market. This marks the largest single asset hotel transaction ever completed in Morocco.
Yves Marchal, Managing Director of Jones Lang LaSalle Hotels in France, said, "The Hilton Rabat is managed by a renowned international firm and has considerable scope for future extensions thus making it an attractive investment for hotels chains, real estate investors and real estate funds. Risma Holding was naturally interested by this high end asset confirming its ambition to cover, on a short-term basis, all major Moroccan destinations."
Gabriel Matar, Senior Vice-President of Jones Lang LaSalle Hotels, who led on the transaction, said, "This sale illustrates the strong investor interest in the hotel and leisure real estate market in Morocco - which is a priority sector for the Moroccan government. The transaction also acknowledges the success of the country's improved development policies, especially through its 2010 Plan Azur and confirms the continuous interest of international and national investors in Morocco."
The five-star Hilton hotel in Rabat is built on nine hectares of land and has 269 rooms, 20 bungalows, six restaurants and 2065 m² of meeting space. This prime landmark property in the heart of Rabat has an open-air swimming pool, spa, fitness club, four tennis courts, and a golf driving range.
Expressions of interest were received from hotel chains, real estate investors, real estate funds, and high net worth individuals. Approximately 20% were from Morocco, 35% from the Middle-East, 25% from Europe, 10% from the United States and 10% from Asia Pacific. Seven investors were retained following the first round bids, which were within a 20% range.
Source: Jones Lang LaSalle