At a Glance
- Risma buys Radisson Blu Marrakech and Carré Eden mall for $57.2 million.
- The deal strengthens Risma’s presence in Morocco’s key hospitality and real estate markets.
- Acquisition adds hotel and retail revenue streams amid Morocco’s tourism rebound.
Risma, Morocco’s largest hotel operator, has struck a deal to acquire Centre Multifonctionnel de Guéliz (CMG), the owner of the Radisson Blu Marrakech Carré Eden and the adjacent Carré Eden Shopping Center, from Résidence Siyaha 2 and Cap Estate, in a transaction expected to close in October 2025, pending regulatory clearance.
Under the agreement, Risma takes full control of the five-star hotel and retail complex, having paid MAD524 million ($57.26 million) in equity value, with the total enterprise value put at MAD931 million (101.74 million).
The acquisition reinforces Risma’s strategy to strengthen its real estate and hospitality platform in Morocco’s leading tourist markets.
A strategic bolt-on in Marrakech
The Radisson Blu Marrakech Carre Eden is more than a hotel: it anchors the Carré Eden mixed-use complex in Gueliz, a vibrant commercial district in Marrakech.
With around 193–198 rooms and a modern shopping center of some 15,000 m², the asset gives Risma dual exposure to hospitality revenues and retail lease income.
The sellers are institutional players, Résidence Siyaha 2 (Maghreb Siyaha Fund) and Cap Estate, repositioning capital by divesting a non‐core holding.
Risma’s CEO described the purchase as “external growth,” explaining the move diversifies the group’s income base beyond hotel operations and positions it to capture the upside in Morocco’s accelerating tourism recovery.
The company now gains a stronger footprint in one of the kingdom’s most visited cities, with scope to cross-leverage its existing operations and brand relationships.
Toward creating long-term value
This acquisition aligns with a broader trend in Moroccan hospitality and real estate: consolidation around prime urban, mixed-use assets.
As Morocco’s tourist arrivals recover (and remain a national priority), owning both the hotel and the mall gives Risma flexibility to manage yield, promotions and events across the full complex.
Still, the returns depend heavily on operational execution. Retail leasing dynamics, foot traffic, and tenant mix will matter as much as the hotel’s occupancy and RevPAR.
Risma will need to invest in leasing, active marketing, and operational synergies to unlock full value.
A calculated bet
Risma’s acquisition of CMG reflects a calculated step into higher margin assets in a region where tourism infrastructure and real estate are seeing renewed investor interest.
The move consolidates the company’s position in Marrakech and signals ambition to play a deeper role in Morocco’s hospitality and urban development sectors.
