Egyptian tycoon behind nine Moroccan hotels lands $250 million package for acquisitions, upgrades and debt refinancing

Egyptian tycoon behind nine Moroccan hotels lands $250 million package for acquisitions, upgrades and debt refinancing

Egyptian hotel tycoon Kamel Abou Aly’s Pickalbatros Hotels & Resorts has secured a $250 million financing package from the International Finance Corporation and Attijariwafa bank, its transaction adviser announced. The package supports the group’s growing Moroccan business, combining hotel acquisitions and property upgrades with the refinancing of existing debt.

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