PickAlbatros Hotels secures US$23m from Vantage Capital for renovation plans

AFRICA – PickAlbatros Hotels, an international group based in Morocco, has secured US$23 million mezzanine debt funding from Vantage Capital, Africa’s largest mezzanine fund manager. The proceeds will be used to fund working capital and renovation work on several recently-acquired hotels. PickAlbatros is a leading hotel owner and operator in Egypt, with a portfolio of 15 operating hotels and close to 10,000 rooms across the Red Sea resort towns of Hurghada, Sharm El Sheikh, Sahl Hasheesh and Marsa Alam. It also operates two hotels in Morocco. The transaction represents Vantage…

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