Schroders Capital, on behalf of Capital France Hotel, announces sale of Marriott Cap d’Ail to Achernar Assets AG
Schroders Capital is pleased to announce the sale of the Riviera Marriott Hotel La Porte de Monaco, located in Cap d’Ail (Côte d’Azur), on behalf of Capital France Hôtel, an investment vehicle managed by the Schroders Capital real estate team.
This four-star hotel, ideally situated at the gates of Monaco, offers stunning views of the Port of Cap d'Ail and is in close proximity to the Louis II Stadium. With 186 rooms (including 15 suites) offering sea views for the vast majority of them, the hotel features a restaurant (Bolinas), a bar, a swimming pool, and 580 m² of meeting rooms. The hotel has been managed by Schroders Capital under a management contract with Marriott International.
Following the acquisition of the hotel in 2008, efforts focused on enhancing its appeal during the low and mid-seasons, through marketing to banquet and corporate clients, in addition to the leisure clientele present during the summer season.
Between 2018 and 2019, the Schroders Capital team, in collaboration with Marriott International and the hotel, undertook renovations of the sea-view rooms and a complete redesign of the common areas, particularly the dining, bar and lobby spaces. These improvements significantly enhanced the hotel’s operational performance in a Côte d’Azur market that has seen positive momentum post-Covid, driven particularly by international leisure clientele. The upscale market trends in Monaco and Cap d’Ail provide new opportunities for the new owner.
The sale process, overseen by Eastdil Secured, attracted interest from a multitude of strategic French and international investors keen on the Côte d’Azur hotel market. The buyer, Achernar Assets AG, is affiliated with the concession of the Port of Cap d’Ail through Mr. Corrado Agusta, Managing Director of the Group.
As part of their strategy for expanding their Swiss multi-asset holding, Achernar Assets, alongside Mr. Agusta, strengthens its position at the Port of Cap d’Ail, thereby consolidating its commitment to the strategic and long-term repositioning of the port.
Benjamin Chiche, Deputy Head of Hotels at Schroders Capital, said:
"In close collaboration with Marriott International, Schroders Capital implemented an operational and commercial repositioning strategy aimed at maximising the value of this asset for our client. Through the initiatives deployed, we have significantly enhanced the hotel’s attractiveness and positioning in a rapidly growing market. Today, we are proud to pass this hotel to a strategic player in the Port of Cap d’Ail, who will continue its development. We take this opportunity to thank the hotel teams and Marriott International for the outstanding work we have accomplished together on this asset over the years."
Corrado Agusta, CEO of Achernar Assets AG, said:
"This acquisition marks a key milestone in our commitment to the strategic development of the Port of Cap d’Ail. We fully share the repositioning vision expressed by Benjamin Chiche and are convinced that this project will continue to enhance the attractiveness and competitiveness of the port in the long term. We particularly appreciated the smooth and efficient collaboration with Marriott International and Schroders Capital throughout this transition, ensuring a seamless handover and optimal continuity for the hotel's management, clients, and partners."
Schroders Capital and its clients were advised by Eastdil Secured (Broker), DePardieu Brocas Maffeis (Legal/Tax) and Cheuvreux (Notary).Issued by Schroder Investment Management Limited. Registration No 1893220 England. Authorised and regulated by the Financial Conduct Authority. For regular updates by e-mail please register online at www.schroders.com for our alerting service.
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Schroders Capital provides investors with access to a broad range of private market investment opportunities, portfolio building blocks and customised private market strategies. Its team focuses on delivering best-in-class, risk-adjusted returns and executing investments through a combination of direct investment capabilities and broader solutions in all private market asset classes, through comingled funds and customised private market mandates.
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With $97.3 billion (£77.0 billion; €90.8 billion)* assets under management, Schroders Capital offers a diversified range of investment strategies, including real estate, private equity, secondaries, venture capital, infrastructure, securitised products and asset-based finance, private debt, insurance-linked securities and BlueOrchard (Impact Specialists).
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Schroders is a global investment manager which provides active asset management, wealth management and investment solutions, with £773.7 billion (€912.6 billion; $978.1 billion) of assets under management at 30 June 2024. As a UK listed FTSE100 company, Schroders has a market capitalisation of circa £6 billion and over 6,000 employees across 38 locations. Established in 1804, Schroders remains true to its roots as a family-founded business. The Schroder family continues to be a significant shareholder, holding approximately 44% of the issued share capital.
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