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Marriott teams up with Kuwait Projects on St. Regis resort in Morocco

2019-02-09 23:26    Investing

Marriott teams up with Kuwait Projects on St. Regis resort in Morocco Stock News

© Reuters. FILE PHOTO: A Marriott flag hangs at the entrance of the New York Marriott Downtown hotel in Manhattan, New York

DUBAI (Reuters) - United Real Estate Co., a unit of Kuwait Projects Co, and Marriott International said in a joint statement on Saturday that they had agreed to open a resort near Marrakech.

Marriott said in October it had signed deals with partners to increase its hotels in Africa 50 percent by 2023, opening new ones in Ghana, Kenya, Morocco, South Africa and entering the market in Mozambique.

The St. Regis Marrakech, in central Morocco, should open in 2024, the joint statement published in Kuwait said, without disclosing the cost of the development.

The deal "introduces" Marriott's St Regis brand to Marrakech, it said, adding that the resort will be owned by Morocco's Assoufid Properties Development and developed by United Real Estate.

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