SUMMARY – ACCOR IMPLEMENTS ASSET-LIGHT STRATEGY IN MOROCCO, REORGANIZES EQUITY INVESTMENTS TO FOCUS ON GROWTH AND PROMOTION OF THE DESTINATION. TRANSACTION AGREEMENT REACHED WITH MUTRIS TO SELL STAKE IN RISMA AND STREAMLINE OPERATIONS.
Accor, a leading international hotel operator, is making significant changes to its investment portfolio in Morocco, as part of its asset-light strategy. Mutris, an investment company based in Morocco that unites both private and institutional investors, has come to an agreement with the company.
Sale of Stake in Risma to Mutris
Accor will sell its 33% stake in Risma, which is Morocco’s top publicly listed hotel operator, to Mutris. The agreed price per share is 130 dirhams. This move aims to simplify Accor’s minority holdings and streamline its operations.
In addition to selling its stake in Risma, Accor will also put its Risma bonds up for sale on the market. This step further aligns with the company’s asset-light strategy.
The completion of the transaction is contingent upon obtaining certain regulatory approvals. Accor anticipates that the transaction will conclude in the third quarter of 2023.
Importantly, this transaction will not affect any existing contractual agreements between Accor and Risma. These agreements will remain intact.
Reorganization of Equity Investments in Morocco
Accor’s reorganization of its equity investments in Morocco is part of an ongoing effort to simplify its minority holdings. This process began with the sale of shares in Orbis (Poland) in 2020 and H World Group (China) in 2023. By making these changes, Accor aims to strengthen its resources and facilitate accelerated development through AGM (Accor Global Development) in Morocco. The company intends to maintain a significant role in promoting and elevating the profile of this destination on a global scale.
Accor has been operating in Morocco for the past 30 years and holds a prominent position as the leading operator of international hotel brands in the country. With a network of 39 hotels boasting brands like ibis, Fairmont, Sofitel, and Mövenpick, Accor offers 6,000 guest rooms. The company has over 5,000 employees and an additional four hotels (700 rooms) under development.
Sébastien Bazin, Chairman and CEO of Accor, expressed his enthusiasm for Morocco as a remarkable destination. He highlighted the country’s unique assets and exceptional hospitality culture. Accor has been a pioneer in Morocco for almost three decades, establishing strong partnerships and nurturing talented teams. The restructuring of the company’s operations will provide Accor with the necessary resources to continue its significant role in Morocco’s growth and tourism promotion, while also preserving the country’s cultural heritage.