|
|
Article: Corinthia eyes North African growth.(Corinthia Group, hotel operator)(Brief Article)(Statistical Data Included)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- June 8, 2001
CopyrightCOPYRIGHT 2001 MEED Middle East Economic Digest. All Rights Reserved. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Malta-based Corinthia Group is targeting new tourism opportunities in Morocco and Libya as part of its plans for regional growth. The group is carrying out financial and legal due diligence on a group of existing hotel properties in Morocco. The deal, for up to five hotels, is estimated to be worth $50 million-100 million, and will add between 750-1,000 rooms to its North African business.
Tourism is a significant source of income for the Moroccan government, which plans to attract 10 million foreign visitors by 2010. Some 2.5 million tourists flocked to its beaches and ancient cities last year, a 10.3 per cent increase on the figures for 1999. Income from ...