Atlas Hospital and FTI Group invest $ 108 million in Morocco hospitality Industry
Atlas Hospitality and FTI Group have set up a joint venture aiming at investing $108 million in the Moroccan hospitality industry.
The joint venture between Moroccan hospitality chain Atlas Hospitality and FTI Group, the fourth largest tour operator in Germany, will create a limited company aimed at growing the Moroccan hotel industry.
The venture, overseen by the Moroccan Ministry of Tourism, will concern “current clubs and those to come,” an Atlas Hospitality representative said adding that the partnership aims to “build a minimum of four new hotels in the next two years.”
The currently operating hotels that will first benefit from this partnership include Atlas Targa Club, the Idrissides Urban Club and the Dunes d’Or Beach Club in Agadir.
According to the same source, a first investment of $59 million is scheduled, followed by a second phase of $49 million, totaling more than $100 million invested growing hotel traffic and thus, the Moroccan tourism industry.
The FTI Group also plans on increasing air capacity by increasing its frequency of flights to Morocco to 11 flights a week.
The Moroccan Ministry of Tourism’s current strategy to boost sector growth by 2020 will surely benefit from the investment, as 2015 brought along a 2.8 increase to the tourism sector, an improvement that was lower than expected by international and national experts alike.
That growth, however, was contributed to in big part by the FTI group, which sent 40,000 travelers to Morocco in 2015. FTI expects a total of 80,000 travelers to Morocco by the end of 2016 and 150,000 in 2018.
Bob Koigi – http://africabusinesscommunities.com