Hotelier

So the American owner of the first riad we stayed in (when we grew tired of the particular charms of the Hotel Tachfine) has returned to Marrakech. As you might remember, we found his riad through Hamoud, who’s been, essentially, its manager for six years. The riad, with its six bedrooms, has served primarily as a vacation house, though it is licensed as a maison d’hotes, or boutique hotel. We enjoyed the small pool in the courtyard, the kitchen and dining room on the terrace, and the quiet street less than a 15-minute walk from the Place.

After hearing various stories about the man from Hamoud off and on over the last several months, it was nice to finally meet him. Quite the raconteur, he told tales of his years in Bangkok, and his dealings with Southern Baptists and Brazilian thieves. Now, though, it seems he’s ready to sell his house in Marrakech. He’s been coming less frequently, and hasn’t bothered to market it at all as a hotel, so the guests are few and far between.

This is odd, given the fact that hotels with any sort of visibility are constantly booked. And this hotel for sale gets us thinking: might it be nice to buy this riad, give it a makeover, and open it for business? We hear every day about the growth in tourism, and the fact that the airlines are complaining that Marrakech doesn’t have enough hotel rooms to house all the people who are booking tickets to fly here. We’ve spent some time with an interior designer from New York who’s in the process of redoing a maison d'hotes himself, and many of the other expats we’ve met are involved in hospitality here, sharing the humorous ups and downs of the industry.

It seems that this riad could be bought for about $420,000, including closing costs. Based on our experience with Dar Noury, we’re guessing another $80,000 and 4-6 months would have it redecorated and ready to open. A conservative 50% occupancy rate would generate over $100,000 a year. The King has made taxes and fees minimal to encourage foreign investment. Labor costs are low. Our math is fuzzy, our knowledge limited, but still, this is intriguing. Even a challenge. Could we design a chic hotel? Could we market it properly, put up a beautiful website, and get written up in the design and travel press? Would we want to? Hmm. Is there anyone out there interested in investing in a hotel in Marrakech?