Morocco > Tourism and real estate
Tourism and real estate
Bennani & Associés LLP’s ‘top notch’ real estate practice is headed by Mohamed Khairy, who clients praise for responsiveness. The team has been acting for Moroccan real estate developer Alliance in negotiations relating to the development of the first Park Hyatt hotel in Marrakesh and, separately, in relation to a real estate development project with German tourism group TUI. Other clients include French real estate group subsidiary Group Caisse d’Epargne, and the team has also been advising the Bouregreg valley development agency on this major tourism development.
CMS Bureau Francis Lefebvre has been providing legal and tax advice in relation to the creation of a €500m seaside tourist resort at Essaouira-Mogador, work which included real estate sales. Paris partner Frédéric Elbar led this work.
Gide Loyrette Nouel – Naciri & Associés is active in advising global investors into Morocco, particularly funds originating from Middle Eastern countries, such as Reem Investments and Gulf Finance House. The team advised MEDZ, a subsidiary of the Caisse de Dæpôt et de Gestion, in relation to an approximately €36m industrial and logistics complex in Nador.
UGGC & Associés acted for the two largest banks in Morocco, Attijari Wafa Bank and the Banque Centrale Populaire, in setting up a property fund worth €250m. It also advised a Moroccan property fund on a project involving the construction of three hotels in Marrakesh. Clients include Marriott.
August & Debouzy has been advising Middle Eastern clients on tourism-related real estate investments in Morocco, and has been involved in the setting up of Raffles in Marrakesh.
Garrigues Maroc Sarl has been advising on the construction of a concrete factory and on the development of a seaside resort on the Atlantic coast of Morocco.
Kettani Law Firm has a strong financing practice which is active in advising both foreign companies and Moroccan banks on the financing of tourism industry-related projects. The firm also advises real estate developers.
Mernissi – Figes has recently won new clients in this area, including foreign hotel chains who are making Moroccan real estate acquisitions. Recent work includes advising two Moroccan investment funds on lending money in relation to construction projects for hotels and residential property.