Madar Family Acquires Port Palace Hotel in Monaco
Main Photo: The Port Palace Hotel
Date: March 2020
Location: Monte Carlo, Monaco
Name: The Port Palace Hotel
No. of Keys: 50…many suites
Seller: Lotfi Maktouf and family that have owned the hotel since 2003
Buyer: The Madar family recently came to Monaco to purchase the Port Palace Hotel. On 6 March, two members of the Madar family, Jean and Alain, were in Monaco to finalise the sale of the establishment. The sale agreement was with Lotfi Maktouf, who has been the family’s friend for over two decades.
Located along the marina, steps away from the brand new Yacht Club and the Casino, the Port Palace boasts rooms and suites with views of the sea, the port and all its major events. The boutique hotel has full marble bathrooms, jacuzzis, and specially adapted rooms for physically challenged guests.
The Madar group will be significantly renovating the hotel, which is made up of 50 rooms and a restaurant. The building will remain a four-star hotel, but will be completely modernised. Construction is expected to start in about a year and a half.
In a meeting room on the ground floor of the hotel, the Madar brothers confirmed that Monaco is a destination with all the right reasons to invest. The Principality is quickly becoming attractive in the eyes of French investors. With this remarkable investment by the Madar family (and all of the Principality’s recent expansions and new constructions) locals are feeling a new breath of life in Monaco.
A promotional piece on the hotel under the previous owners
Although the staff were feeling anxious by the sale of the hotel, the Madar group put employees minds somewhat at ease in a recent interview by saying that the hotel will be functioning even better after they hire 20 to 30% more staff.
Specialising in the acquisition and management of commercial real estate for fifty years, the Madar group currently owns almost 700 shops in Paris worth more than €850m. The Port Palace may be the next business to benefit from the dynamism and ambition of the Madar family.
Five years ago, the group purchased 50% ownership of the Palm Beach in Cannes and has acquired some shops in Saint-Tropez, which they also hope to see revitalised.
Price: Undisclosed
THPT Comment: Finding a hotel for sale in Monte Carlo is rarer than hen’s teeth and several times the cost!
First Seen: Monaco Life
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