The Commercial Court has granted Nice resuming Vista Palace in Roquebrune-Cap-Martin to a Qatari fund which has made an offer out of time. A competitor who felt cheated intend to call.
The resumption of French palaces by funds from Qatar has become commonplace. After the Royal Monceau in Paris or the Peninsula, the Martinez in Nice or Cannes Carlton, why Vista Palace he escape this trend? In any case, the Commercial Court has granted Nice Thursday resumed this 70-room hotel to fund the royal family of Qatar, with 30.5 million euros.
The problem is that this time, competitors see the decision of a very evil eye, and at least one of them, the Maranatha Marseille hotel group intends to appeal this decision. Certainly, the Qatari offer is by far the highest since Maranatha only offered 19 million euros. But what remains across Carvin Olivier, President and Founder of Maranatha throat, is that the proposal from Qatar was made out of time. “If they had followed the rules, I have accepted my defeat in good loser, says Olivier Carvin, but then I do not accept the situation. This is even worse than Qatar investors are exempt from tax on real estate gains. “
If the court finds that the proposal of Qatar was made out of time, while other bids were already known, he believes it is still admissible based on an article in the Commercial Code allowing such a practice as long as “the debtor, the employees’ representative, the legal representative and controllers” are agree.
Despite the fulfillment of this agreement, counsel for Maranatha, Ms. Catherine Ottaway, said that there was “abuse of power” by the court. In particular, it points to the fact that the recovery is given to Qatari fund without it being clearly identified in this decision, it simply referring to the “royal family of Qatar”, and especially without the project buyer has been clearly explained or presented. Moreover, the court strangely explained his choice of Qatar as “this offer is unambiguously supported by both the debtor and by the Italian shareholder (the palace, Editor’s note).” “In the end, we gave priority to a late and unprepared offers, says Mr. Ottaway. This is not because it puts more money on the table that we can give it more right. “Discussions are underway to join this call, another competitor in this tender, Company Phalsburg.
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