Berggruen Hotels has signed a memorandum of understanding (MoU) with Filacom Private Ltd in Morocco to set up 3 and 4 star hotels in 6-7 cities. The estimated venture size is about $50 million.
This is Berggruen’s first international joint venture, arising from its business plans to develop midmarket and upscale hotels across emerging markets. Filacom is a part of the Laraki group of companies and is headed by Mehdi Laraki, a member of the Young President’s Organisation.
Berggruen Hotels is in the process of setting up the their brand of boutique budget hotels called “Keys” in India.
Sanjay Sethi, MD Berggruen Hotels said, “Morocco is a strong market and its strategic proximity to Europe gives the business long term sustenance power.”
