Risma to Return to Profit in 2011

6th December 2010 (Last Updated December 6th, 2010 18:30)

Risma, the Moroccan affiliate of French hotelier Accor, expects to return to profit in 2011 after accruing losses in 2009 following the opening of its hotel in Rabat. The hotel group expects a profit of MAD200m-250m ($23.7m-29.7m) with the tripling of turnover. It plans to

Risma, the Moroccan affiliate of French hotelier Accor, expects to return to profit in 2011 after accruing losses in 2009 following the opening of its hotel in Rabat.

The hotel group expects a profit of MAD200m-250m ($23.7m-29.7m) with the tripling of turnover.

It plans to more than double its capacity to 5,700 beds in 2013.

Risma will launch a convertible bond to finance its MAD1.6bn ($190m) investment in 11 new hotels including eight low-cost properties.

The Moroccan group says the details about the bond issue, including its size and schedule, will be unveiled on 24 December, according to Reuters.