The Riviera Marriott Hotel La Porte de Monaco in Cap d’Ail has been sold by Schroders Capital to Swiss-based Achernar Assets.

The four-star hotel, which sits on the border of Monaco and overlooks the harbour of Cap d’Ail, features 186 rooms, a restaurant, a bar, a swimming pool, and eight meeting rooms. It had been owned by Capital France Hotel, an investment vehicle managed by Schroders Capital, since 2008.

“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,” said Benjamin Chiche, deputy head of hotels at Schroders Capital, in a statement. “Today, we are proud to pass this hotel to a strategic player in the Port of Cap d’Ail, who will continue its development.”

Achernar Assets CEO Corrado Agusta said the acquisition marks “a key milestone” in the firm’s plans for the area. “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,” he said. “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.”

While the asking price was reportedly €85 million, the sales price remains undisclosed. The acquisition strengthens Achernar Assets’ presence in the Port of Cap d’Ail, where the firm has been increasing its investments in recent years.

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Editor’s Note: The original article referenced a reported sales price of €85 million. However, the actual sales price remains undisclosed.