Gide’s Casablanca office assisted Groupe Palmeraie Développement, one of Morocco’s largest real estate / hospitality groups, on the divestment and restructuring of a substantial portion of its hospitality business and assets in Marrakech.
These activities and assets (which include landmark hotels Palmeraie Golf Palace and Hôtel du Golf) were transferred to a joint-venture owned by Abu-Dhabi’s aabar Investment PJS and Palmeraie. The latter will continue to manage and operate the resort in the coming years on the basis of a management agreement entered into with the JV.
We handled all the legal aspects of this transaction (structuring, preparing and negotiating sale and purchase agreements, warranty agreement, resort management agreement, shareholders’ agreements, bank guarantees, etc. and assisting with all phases of the closing).
Gide assisted Palmeraie, with a team led by counsel Simon Auquier, with associate Chloé Joachim de Larivière, Zakia Jabri-Abbadi and Elias Khrouz. Real estate matters were handled by partner Jean-François Levraud.