Taghazout, the 5th Station of the Azur Plan Concluded negociations with the Colony Capital/Satocan/Lopesan Group
22-05-2006

The final selection process concerning the planning and development of Taghazout's tourist station was finalized on May,9,2006 by the attribution of this station to the Colony Capital/Satocan/Lopesan.

This attribution is but the consequence of a call for the "interest manifestation" (manifestation d'Intérêt) launched in May, 2005, and which led to the selection of three candidates of high quality :

• The Colony Capital/Satocan/Lopesan Group;
• Village and Hotel Morocco Group (CDG)/Ynna Holding/Attijariwafa Bank), TUI, AG/CMKD;
• Fadesa Company.Morocco.

The Colony Capital/Satocan/Lopesan Group, whose offer was listed as the best one by the ad-hoc interministerial committee was invited by the Moroccan Government to enter into negociations with them ,with a view to finalizing the agreements terms which are likely to bind both parties.

In accordance with the attribution regulations of all the Azur-Plan stations, the negociations which started on March,9,2006, lasted two months.

The selected Group plans to develop, in 4 stages, a tourist station of the new generation, with a capacity of about 21.000 beds, including 15.800 hotel beds. Agadir, for instance, offered at the end of 2005 about 26.000 classified hotel beds, and Marrakech around 30.000 classified hotel beds (and guests houses).

Taghazout's station will offer different attendant measures related to equipment and leisure : 2 golf courses of 27 holes, a medina (heart of life)made up of business spaces, handicraft shops, and different activities, a Spa, a private hospital (argano-therapy), an "arganier tree" institute.

Besides the station's redevelopment (infrastructure), the Group will carry out a construction program of superstructures concerning :

• Hotel units, guests houses, hotel-appart with a capacity of more than 6800 beds;
• 2 golf courses of 27 holes;
• The Medina;
• Residential units with an overall capacity of 4.514 beds.

The Group investment (infrastructures and hotel units, "residential and recreation") is valued at 10 billion Dirhams.

ust after the convention signature with the Government, the Colony Capital/Satocan/Lopesan Group will start the redevelopment (construction) of the stage 1 of such a station in January 2007. As far as the first hotel unit, it will open during the second term of the year 2009.

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