Morocco's Government Sells Its Stake in La Mamounia Hotel to OCP Group for $173 Million

Morocco's state railway operator ONCF, which had held over 50% of La Mamounia -- Marrakech's storied 135-room, 71-suite luxury hotel -- sold its majority stake to state-owned phosphate group OCP for 1.7 billion dirhams ($173 million), retaining under 10%. OCP becomes the controlling shareholder, having previously held about 40%. The sale is part of Morocco's broader divestment of non-strategic government assets while keeping the hotel under Moroccan ownership; La Mamounia posted MAD 226 million ($23 million) in net profit the prior year.