A transaction involving a large-scale resort
Morocco’s hotel investment market has recorded another transaction with the sale of Tertia 4, the company that owns Aqua Mirage Marrakech.
The transaction, undertaken on behalf of Actif Capital I with advisory support from Colliers Morocco, was completed in September 2026 in favour of an undisclosed international investor.
Located on the Tahanaout road, south of Marrakech, Aqua Mirage is a four-star property operating on an all-inclusive basis. The resort comprises 550 rooms across a site of more than 20 hectares.
The property also offers potential for approximately 250 additional rooms, which could increase its total capacity to around 800 keys, subject to the implementation of a future development programme.
The transaction value, the buyer’s identity and its intentions regarding the property’s future operation have not been disclosed.
Development potential underpins the property’s investment appeal
Beyond its existing capacity, Aqua Mirage Marrakech has an asset profile likely to appeal to investors specialising in large-scale resorts.
Its landholding of more than 20 hectares and potential additional room capacity are two important factors in assessing its prospects for value creation.
The proposed expansion would represent a theoretical increase of approximately 45% in the existing room inventory.
For a buyer, this development potential could provide several opportunities: increasing accommodation capacity, adjusting the property’s commercial positioning or optimising its infrastructure, subject to the necessary approvals and feasibility studies.
However, no officially approved or initiated expansion programme has been announced at this stage.
Colliers Morocco continues its hotel transaction advisory activity
The disposal follows another Marrakech transaction advised by Colliers Morocco: the sale of the Radisson Blu Marrakech Carré Eden to the Risma group.
As La Tribune de l’Hôtellerie reported in July 2025 in its article on Risma’s acquisition of the Radisson Blu Marrakech Carré Eden, that earlier transaction involved the shares of Centre Multifonctionnel de Guéliz, the company owning both the hotel and the Carré Eden shopping centre. The announced transaction represented a net acquisition value of MAD 524 million.
With the sale of Tertia 4, Colliers Morocco has advised on an all-inclusive leisure resort, illustrating the diversity of hotel assets changing hands in Marrakech’s hospitality market.
Marrakech maintains its appeal to investors
The transaction comes amid continued development of Morocco’s hospitality market, supported in particular by the evolution of the country’s tourism offering and investment prospects in its leading destinations.
For institutional investors and property owners, Marrakech offers several categories of investment opportunities, ranging from upscale urban hotels to large-scale leisure resorts.
Aqua Mirage stands out in particular for combining substantial existing operational capacity with a landholding that could accommodate further expansion.
The disposal therefore provides another example of a transaction involving an established hotel asset, combining a significant real estate component with additional development potential.
At a Glance
Transaction: Sale of Tertia 4, owner of Aqua Mirage Marrakech.Seller: Actif Capital I.Buyer: Undisclosed international investor.Adviser: Colliers Morocco.Property: Four-star all-inclusive resort with 550 rooms on a site exceeding 20 hectares.
Expansion potential: Approximately 250 additional rooms, subject to future development plans.
