Emerging market investor Actis and Westmont Hospitality Group have acquired the Sheraton Casablanca hotel in Morocco.
The 309-key Sheraton Casablanca, which was built in 1989 and is located in the heart of the city near the Old Medina and harbour, is the largest internationally branded hotel in Casablanca. Actis and Westmont will implement a comprehensive business plan which includes a full refurbishment, said the GP.
Actis is the largest private equity firm in Africa having committed USD4,5 billion to the region over the last 15 years. The GP’s portfolio includes South African insurance and financial services provider Alexander Forbes, Cameroon-based energy company Eneo and the Accra Mall in Ghana.
Westmont is one of the world’s largest privately held hospitality groups having owned or operated over 1,100 hotels globally, including hotels in Mozambique, Zambia, Nigeria and Morocco. The group has a portfolio ranging from 2–5 star properties, full service to limited service business hotels, large conference hotels, aparthotels, boutique hotels and high-end luxury hotels.
The Moroccan macro-environment has seen over 4 percent annual GDP growth since 2000, supported by the hospitality industry. Casablanca, considered an undersupplied hotel city, has a growing hospitality market with “a strong business demand,” according to Actis.
“The acquisition of the Sheraton Casablanca marks the next step of our joint venture platform,” said Funke Okubadejo, Lagos-based director at Actis. “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,” he added.
Actis and Westmont launched a joint venture in 2018 to harness their expertise to acquire hospitality assets in major cities across Africa. The joint venture completed its first acquisition in September 2018, the 231-key Four Points by Sheraton located in Victoria Island, Lagos, Nigeria.
“Morocco is a promising investment destination on the Africa continent, with convenient access to the European single market,” said Ewan Cameron, director of Africa Development at Westmont. “Casablanca City is frequently sighted as the first investment base for European companies expanding into Africa,” he added.
“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,” continued Cameron.
