CPI Group has begun its Western expansion by acquiring a hotel and residential complex in Nice, France, from British investors. CPI purchased claims worth €60m against the project called Palais Maeterlink from the Irish consolidation agency National Asset Management Agency (NAMA). The hotel complex Palais Maeterlinck stands on a cliff between Nice and Villefranche, overlooking the Mediterranean Sea. CPI Group plans a reconstruction to be carried out based on the original architectural design. “The premises include three hectares of land and approximately 5,000 sqm of residential space. The reconstruction will result into luxury apartment houses intended for resale,“ says Igor Klajmon, CPI Group´s Development Director. Works on the reconstruction worth €18m should start this year.
