The Madar Group has bought the Port Palace and is preparing plans for a total renovation for the 50-bed hotel overlooking Port Hercule.

Jean and Alain Madar were in Monaco on Friday, March 6, to finalise the purchase. The group now owns nearly 700 shops in Paris valued at more than 850 million euros. The Palm Beach in Cannes is already part of the Madar’s portfolio.

“The country has real economic attractiveness. I see Monaco as a hub, benefiting in particular from many direct flights from Nice airport,” Jean Madar said. Alain added that the Principality is particularly interesting because of the economic drive of its young entrepreneurs: “The image of the country has strongly evolved. It is not a destination for a golden semi-retirement.”

The Madar group is diversifying out of retail spaces, which are seen as falling victim to Internet shopping. Meanwhile, the brothers say that they will add to the number of employees at the hotel and offer six-month contracts in place of the one-month agreements currently in place.

The brothers also hinted that they could be interested in other investments in the Principality.

PHOTO: The Port Palace