April, 2001 - As a consequence of the general agreement signed by Sol Meliá and the Moroccan Government under which both parties committed to joint development of hotel projects in Morocco, the Spanish hotel company has obtained the co-operation of a number of local investors in the construction of the Paradisus Agadir, a 5-star Deluxe property that is destined to become one of the finest resorts in the whole of the Mediterranean. The project involves an investment in its first phase of development of 450 million Dirhams. 

The company that will own the resort was constituted on Tuesday 3rd. April in Rabat and is 40% owned by Sol Meliá with other shareholders - Ido Management, Holding Hoteliere, Crédit Inmobilier et Hotelier (C.I.H) and the Banque Marocaine du Commerce et de l�Industrie (B.M.C.I)- with another 15% each. The signature of the agreement was presided over by the Economics Minister of His Majesty Mohammed VI, Mr. André Azoulay and the Moroccan Minister for Finance and Tourism, Mr. Fathallah Oualalou, amongst others. 

According to the Chairman of Sol Meliá, Gabriel Escarrer, �the signature of this agreement confirms the commitment Sol Meliá has given to the Moroccan Government to jointly support the development of the tourism industry in the country�. He adds that, �as well as contributing to improvements in tourism infrastructure, we also aim to assist in improving training in the industry�. For Escarrer, �this new hotel in Agadir will become the first Paradisus in the Mediterranean region and our aim is that this luxury �all inclusive� product will gradually be introduced in other countries in the region�.

The Paradisus Agadir will enjoy a magnificent location overlooking the ocean over a surface area of 100 hectares. The luxury resort, designed by the Spanish architect Alvaro Sans, will initially provide a total of 500 suites (a second development phase will add an additional 500 rooms), a Thalassotherapy Centre, a modern Convention Centre for events for up to 1,000 people, 3 lake-style pools, 7 restaurants, a casino and an 18-hole golf course amongst a wide range of additional exclusive services and facilities. 

Sol Meliá takes over another four hotels in Morocco

Sol Meliá has signed an agreement with the company Consortium Maroco Koweitien Development (CMKD) by which the Spanish company has taken over the management of four new hotels in Rabat, Marrakech, Safi and Khouribga. After refurbishment these four existing hotels will be renamed Meliá Rabat, Sol Marrakech, Sol Safi and Sol Khouribga. 

According to the Executive Vice President of Sol Meliá�s European Resort Division, Marcello Pigozzo, �the incorporation of these four hotels, together with the Paradisus Agadir, makes it eight hotels with 1,599 rooms that Sol Meliá now operates in Morocco. The agreement also diversifies our portfolio, giving us access to important locations, such as Rabat, where we had not had hotels up to now�.

Pigozzo adds that, �the deal aims to extend our presence in the Mediterranean which, together with European capital cities and the Latin America & Caribbean region is one of the three key focus points for Sol Meliá development. We currently provide 240 hotels in 9 countries in the Mediterranean and have already signed contracts to bring in more than 30 new hotels in the region�.
 

The company Consortium Maroco Koweitien Development (CMKD) has also committed to refurbishment of the hotels. When refurbishment is completed, the hotels will adopt the Sol Meliá hotel brands.

Morocco: a tourism destination with enormous development potential

With a population of 29 million, Morocco is the nearest African country to Europe and one of the tourism destinations with greatest potential for development. The magic of the desert, the beauty of the mountains, an ancient, fascinating culture and magnificent beaches on both the Mediterranean and the Atlantic make Morocco a country of enormous and very attractive contrasts. According to the World Tourism Organisation, in the year 2000 almost four million tourists visited Morocco. 

With more than 330 hotels in 30 countries on 4 continents, the leader in the Spanish market and second biggest hotel company in Europe, Sol Meliá is also the biggest resort hotel company in the world.