Pickalbatros MAR

pending

The proposed investment is a senior, secured, corporate loan package of up to US$200m, comprised of an IFC A Loan of up to US$160m (backed by a 50% MCPP RSU credit insurance cover) and a B-Loan/Parallel Loan of up to US$40m, to part finance the 2026-2029 US$350m investment program of the Pickalbatros Hotels & Resorts Group (“Pickalbatros” or the “Group”). The rest of the investment program will be financed by US$150m equity including internal cash generation. Pickalbatros is a leading hospitality development and management group founded by Mr. Kamel Abou-Ali (the “Sponsor”) in 1992, and which owns and manages over 35 hotels and resorts in Egypt (28) and Morocco (7). TheUS$350m investment program will focus on the expansion of Group’s Moroccan expansion and will include (i) the acquisition of two hotels (US$125m), (ii) post-acquisition refurbishing, renovation and greening of new hotels (US$105m), (iii) upgrading and greening of existing hotels (US$65m) and (iv) the refinancing of local medium term debt of selected hotel assets (US$55m) with longer term more sustainable financing (the “Project”).