Mauritius luxury hotel group New Mauritius Hotels (NMH) has taken over a hotel project in Morocco, the company said on Monday.
NMH said it took over the Domaine Palm Marrakech after reaching an agreement with a former business partner to buy the 50 percent stake it did not already own in the project.
NMH is among the Indian Ocean island's most traded stocks. News of the acquisition was released after the stock market had closed.
The group, which owns eight hotels in Mauritius and one in Seychelles, increased its pretax profit for the quarter through December by 10.7 percent to 673.9 million rupees compared with the similar corresponding period in 2009.