The document describes a hotel development opportunity in Fes, Morocco. The portfolio includes a Riad property and two adjacent plots of land totaling 360 square meters in the historic Fes Medina. Plans are in the final stages to expand the property and develop it into a 19-room boutique hotel with amenities like a pool. The location in the UNESCO World Heritage Site of Fes Medina, government incentives for investors, and growing tourism to Morocco make this an attractive business opportunity. Architectural plans detail the proposed expansion and renovation.

1. 93 Street of The Spirits

2. 93 Street of The Spirits
Moroccan Hotel
Development
Oportunity Summary
The portfolio of properties totalized a site area of 360 sq. meters.
Architectural plans for a building extension into the two bordering pieces of land are in the final stages
to be approved by the local Planning Office.
The final hotel project will totalized 19 bedrooms with living room space, on suit bathrooms private ter-
races with outstanding views.
The Moroccan government incentives for foreign investors include a variety of tax advantages and
100% repatriation of funds when you sell.
The project benefit from a swimming pool, while the local planning policy control pool construction,
with just a few hotels with pools in Fes.
In the current economic environment property values have not experimented a decline of prices due to
very particular elements of the local property market.
The Fes Medina is a UNESCO World Heritage Site, with an increased of direct flights from all major
European cities in the past 3 years.
The building benefit from exceptional Moroccan artwork an architecture.

3. 93 Street of The Spirits

4. 93 Street of The Spirits
The Portfolio
of Properties
Topographic Plan
The properties are located in the Fes Medina. The Portfolio totalized 360 metres of site area integrat-
ed by one Riad and two pieces of land next to the Riad:
The Riad: The “Dar” identified with the number 93 is located on Zkak Rwa (Street of the Spirits),
the site area is 120 sq. meters and 350 square meters of building construction (freehold).
Land 1: The site identified with the number 87 of Zkak Rwa (Street of the Spirits), the site area is
approximately 120 sq. meters (freehold).
Land 2: The site is identified with the number 85 of Zkak Rwa (Street of the Spirits), the site area is
approximately 120 sq. meters (freehold).

5. 93 Street of The Spirits
Property
Description
The Riad benefits from:
Accommodation: 6 bedrooms, 1 staff bedroom, 2 living rooms, kitchen, internal courtyard and 2 roof
terraces.
In the heart of this property is a fabulous mosaic courtyard and fountain, which is typical of Moroccan
way of life.
The roof terrace has plenty of sunbathing and al fresco dinning space. The second upper roof terrace
has magnificent 360 degrees views across the medina and beyond to the atlas maintains.
The property has a superb Moroccan architecture, and it is believed to date from late 18 century.

6. 93 Street of The Spirits
Property
Description
Property Description:
The interior design and architecture of this property benefits from unique examples of all traditional
Moroccan craftsmanship artwork:
• The walls are covered for outstanding hand carved plasterwork.
• The entire building benefits from hand carved cedar wood work, doors and windows.
• Magnificent hand carved cedar wood bridges-balconies adorned the upper floors.
• The raid has unusual mosaic design patterns made with historic handmade zellij tiles.
• Antique handmade ironwork varies in design throughout the building.

7. 93 Street of The Spirits

8. 93 Street of The Spirits
Hotel
Development
Opportunity
The property is located in the heart of Fes Medina, tourist attractions and all the local amenities making this
project a good opportunity for a hotel business. The location benefit from a quite street, 10 minutes walking
distance from the closest entrance to the walled city, parking facilities and only 20 minutes ride from the local
international airport.
• Architectural plans for an building extension into the two bordering pieces of land are in the final stages to
be approved by local planning office.
• The Riad in this project is a historical building with very unique artwork interiors and architecture, exotic ele-
ments that are key for a destination boutique hotel.
• Swimming pool (7x3 sq. m), Moroccan hamman-spa area and internal gardens
• The property common areas extension will included: a reception, food service area, a leaving room with Eng-
lish library and fireplace, integrated to the pool garden.
• The final hotel project will totalized 19 bedrooms:
• 10 luxury suits (25 sq. m) with living room space, on suit bathrooms private terraces with garden poll views.
• 4 suits with on suit bathrooms, primate balconies with internal Riad courtyard views.
• 2 suits with on suit bathrooms and primate balconies with garden pool views,
• 2 suits with on suit bathrooms with medina views.

9. 93 Street of The Spirits
The Business
Opportunity
• The level stock of the hotels beds are considerably low with about 80 operating small BB in the Fes
Medina, whereas in Marrakesh there are around 800 hotels in the Medina.
• The hotel running costs in Morocco about 50% of net operating income, in comparison with average
of European hotel running costs around 80%.
• There has been a stable supply of tourism and demand for beds in the past 10 years.
• The Government incentives for foreign investors include: 0% tax on rental income for the first 5
years, 0% capital gains tax if profit after 10 years of ownership, 0% inheritance tax when a property
passes to a family member and 100% repatriation of funds when you sell.
• The project benefit from a swimming pool which increased hotel profile and future sales potential
during the summer season. The local planning policy control building pools with just a few hotels with
pools in Fes.

10. 93 Street of The Spirits
The Business
Opportunity
• The property prices have been increasing in the Fes Medina, but since the first quarter of 2008
property prices have been stable as a result of the current global economic climate. Therefore, the lo-
cal property market have not experimented a decline of their value due to the following facts:
• The Medina is an ancient walled city with a limited number of properties available so the market
benefit from a “scarcity factor”.
• The impossibility for new developments in the Fes Medina due to its international heritage status,
geographical limitations and restrictive local planning policy.
• The property stock in the Fes Medina are own by local families by generations so they do not have
any type of mortgages.
• Property is the country do not pay taxes or pay very low property taxes (around 2 Euros per m2
of land).

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12. 93 Street of The Spirits
Morocco
The ruling Monarchy has been in power since 1666 and is head of both church and state. The cur-
rent king, Mohamed VI has instituted a constitutional monarchy, he is 42 and US & UK educated. The
Moroccan Government is pursuing progressive commercial expansion with the strategy plan “Vision
2010”.
• €7-10 billion dedicated to increase infrastructure to cater for 10 million tourists annually by 2010
(currently 4.6 million).
• Free Trade Agreement with the USA (signed in 2004) and European Union (singed in 2000).
• Spain is 9 miles from Morocco and is negotiating a 2025 Channel Tunnel.
• French legal system implemented to attract foreign investors.
• Mediterranean climate, hot summers and mild winters allow for year round tourism.

13. 93 Street of The Spirits
Fes
Founded in 789; from 1170-1180 Fes was the largest city in the world.
• The Fes Medina is a UNESCO World Heritage Site.
• Fes is the largest continuous car free urban area in the world.
• Luxury accommodation in the Medina starting at €200 per night, budget accommodation at €35
per night.
• International flights started in 2007 with a significant increase of direct flights from all major Euro-
pean cities such as: Madrid, Barcelona, Alicante, Seville, Milan, Pisa, Bologna, Brussels, Paris, Mar-
seille, Nice, Frankfurt, Dusseldorf, Rome, Berlin and London.
• A typical round ticket from Europe can be 2 ½ hours duration and cost €70 (Brussels-Fes) or £40
(London-Fes with Ryan Air).
• Morocco received 17.7 million visitors in 2009 which was an increase of 2.9 million visitors from
2008 (Statistics from World Tourist Organisation, January 2010).
• Fes tourism reported an increased of 11% by 2009 (Moroccan Ministry of Tourism and World Tourist
Organisation World Tourist Organisation, 2009) despite the overall decline worldwide during the same period.

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Architectural Plans

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Architectural Plans

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Architectural Plans

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Architectural Plans