Monaco is located on the Ligurian Sea and there is a port complex in which luxurious modern vessels from all over the world are moored. Port Hercules in Monaco is situated in the most expensive part of the city-state and for that reason it is surrounded by plenty of shops, hotels, clubs and casinos. The construction of the port began in 1901 and was initiated by Albert I, however, over the years some part of the port were successively enlarged and modernized. Since the beginning of the 1990s the port host the annual Monaco Yacht Show, i.e. luxurious yacht event that attracts the wealthiest owners of yachts and motorboats. Most of them belong to the exclusive Yacht Club de Monaco.