IFC and Attijariwafa Back Pickalbatros with €215M Debt Facility for Morocco Push
The Egyptian hospitality giant contracts a dual-currency sustainability-linked facility arranged across three tranches to acquire prime Casablanca assets, refurbish resort inventory, and refinance debt.
CASABLANCA & CAIRO — Egyptian hotel and resort operator Pickalbatros Hotels & Resorts has secured a €215 million (~$250 million) dual-currency, sustainability-linked debt facility from the International Finance Corporation (IFC) and Morocco's Attijariwafa Bank.
The multi-tranche facility represents Pickalbatros’s largest financing deal to date and was structured with Zilla Capital acting as exclusive financial adviser. Legal counsel was provided by ADNA for Pickalbatros and Clifford Chance for the lender consortium.
Use of Proceeds & Asset Portfolio
The capital package enables Pickalbatros to execute a multi-city expansion and asset-repositioning mandate across Morocco, where it currently operates over 2,700 rooms across nine properties:
- Casablanca Flagship Acquisitions: Funds the acquisition of high-profile urban hospitality assets, including the Sofitel Casablanca Tour Blanche and Mövenpick Hotel Casablanca.
- Resort Refurbishment & Sustainability: Allocates capital to environmental upgrades, energy efficiency projects, and structural refurbishments across existing coastal and leisure resorts in Marrakech and Agadir.
- Balance Sheet Optimization: Supports simultaneous debt restructuring to optimize the group's long-term capital structure and lower operational cost profiles across its North African footprint.
Lenders & Advisory Group
- Lenders: International Finance Corporation (IFC) & Attijariwafa Bank.
- Borrower: Pickalbatros Hotels & Resorts.
- Financial Adviser: Zilla Capital (acting exclusively for Pickalbatros).
- Legal Counsel: ADNA (Borrower); Clifford Chance (Lenders).
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