Prime Hotel Redevelopment Opportunity With Planning Permision Hits The Market Close To Monaco

08.01.19

Property Of The Week 

A fantastic opportunity to purchase a sizeable and well-located hotel that has become available in the charming Medieval town of La Turbie in Provence, close to the Principality of Monaco. Hôtel Napoléon covers 1,220 square metres and boasts 24 private rooms with an expansive restaurant space. It has also been granted planning approval to add a further two storeys, which would allow for twelve extra rooms covering 234 square metres and additional amenities. With a full refurbishment, remodelling and repurposing of the ground floor ameneties, this could potentially double the revenue.

The hotel is on the market with Finlay Brewer International for €6 million and offers the perfect opportunity to refurbish and extend an existing facility into a boutique and highly-desirable hospitality venue.

The hotel, which currently has three stars, is ripe for redevelopment, although it already boasts a healthy turnover of around €650,000 per year. The spacious building offers a great deal of potential to upgrade existing facilities and create luxury guest accommodation. The ground floor currently hosts the 90-cover restaurant, bar area, and function room, but could easily be reconfigured more efficiently to include spa and beauty amenities for both guests and non-guests, thus increasing revenue. The existing interiors could also be updated to create a more polished and sophisticated finish.

The planning approval allows two extra floors to the building, which would provide space for ten further standard-sized rooms and two large suites. The permission would include seven terraces being built to accompany these rooms. With the rooms already in place, the refurbishment could follow the current room layout blueprint to reduce refurbishment costs, updating the current interiors to create a more luxuriant atmosphere and facilities.

The spacious hotel is the only tourist accommodation currently available in this sought-after town, notably popular with Monégasques. La Turbie offers an unrivalled proximity to key areas, just a 10-minute drive from Monaco and a 20-minute drive from Nice Côte d'Azur International Airport. It is also a 20-minute drive to the Italian border.

La Turbie offers stunning vistas of the nearby Principality of Monaco, and is an easy drive to Alpes-Maritimes, meaning the hotel is ideal for hikers and skiers year-round. The town is also perfectly-placed for those visiting glamorous events in Monaco, such as the Monaco Grand Prix and the Monaco Yacht Show.

La Turbie also offers its own charming ambience, with picturesque cobbled streets and beautiful coastal views. A popular day-trip from Monaco, the 2,000-year-old Trophee d'Auguste, a monument built by the Emperor Augustus, is a big draw, in addition to Hostellerie Jérôme, a two Michelin-starred restaurant attracting a bustling clientele, especially from neighbouring Monaco. A number of new residential properties are being constructed in the surrounding area, pointing at further town expansion and an increasing supply of visitors to the area.

Commenting on this rarely-available investment opportunity, Rista Backovic, Head of sole sales agents Finlay Brewer International, said: “For an investor with the right ambition, this property represents an exciting opportunity to create a premium boutique product with strong turnover potential in one of the most exquisite areas of the French Riviera. With the right planning and execution, this hotel could be a real gem within the local community, attracting guests and locals from far and wide, and generating significant income.”

On the market for €6 million with specialist property agents Finlay Brewer International, viewings are strictly by appointment only. For more information on the Hôtel Napoléon contact Finlay Brewer International on Tel: 020 7371 4166 or visit: www.finlaybrewer.co.uk/international

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