Egypt’s Pickalbatros Hotels and Resorts Group has acquired four hotels in Morocco in 2024, boosting its hotel room capacity in the country to over 2,600 rooms.

Pickalbatros has partnered with Palm Hills Developments to build a tourism project on 220 feddans in the Northern Coast.

Pickalbatros owns and manages more than 25 hotels in Egypt with a hotel capacity of more than 14,000 rooms, in the cities of Hurghada, Sharm El-Sheikh, and Marsa Alam.

Beltone Leasing, a wholly owned subsidiary of Beltone Financial Holding, has inked an EGP 750 million sale and lease back agreement with Pickalbatros Hotels and Resorts Group.

Egypt aims to increase tourism sector revenues from the current average of $11- $12 billion annually, to $30 billion annually over the next three years, according to Egyptian Prime Minister Mostafa Madbouly's announcement in September 2022.