Marriott International and United Real Estate Co., a part of Kuwait Projects Co. are set for the joint venture as they have agreed to introduce St. Regis, a Marriott brand to Marrakech, Morocco.
Marriott is the largest hotel company with more than 5700 hotels and 1.1 million rooms. Marriott has marked its presence in over 110 countries. Marriott International’s portfolio includes more than 30 brands like Ritz-Carlton, St. Regis, Bulgari Hotels & Resorts, JW Marriott, The Luxury Collection, W Hotels, EDITION, Westin, Renaissance Autograph Collection, Marriott Hotels, Sheraton and many more. St. Regis is a part of Starwood hotel group. Marriott acquired Starwood in 2016.
Kuwait Project Company(KIPCO) established in 1975 is the most successful company in the Middle East and North African (MENA) region. It is majorly working in sectors such as financial services, media, manufacturing and real estate. KIPCO group is expanded in 24 countries comprising of 60 companies. KIPCO Group companies include Burgan Bank Group, which is one of the biggest banking groups in MENA with operations in Algeria, Iraq, Kuwait, Malta, Tunisia and Turkey. KIPCO also has a major holding in Gulf Insurance Group, the biggest insurance group in MENA.
Marriott International and Kuwait Project’s new investment
St. Regis is set to open in 2024 in Marrakech as per the joint statement issued by both companies. The hotel will have over 360 rooms. As per the deal, resort will be owned by Morocco’s Assoufid Properties Development and developed by United Real Estate.
Marrakech is one of the most important and most visited cities in Morocco. The city recorded over 2.4 million tourists from January to November 2018. Morocco is the only country in North Africa to have low risk level according to the 2019 Travel Risk Map. Marrakech is Morocco’s top destination for local as well as international tourists.
Marriot’s Vision for Africa
Marriott is set to expand hotels and resorts in Ghana, Kenya, Morocco and South Africa and marking its entry into Mozambique. New signings will increase Marriott’s presence in Africa by 50 percent by 2023, with over 200 hotels and will provide 12000 new job opportunities.