The opening of Monte-Carlo One Courchevel, the first luxury hotel venture of the Société des Bains de Mer (SBM) beyond its Monaco perimeter, has been postponed to December 2027, one year later than initially planned for winter 2026. Stéphane Valeri, the SBM's president, characterized this decision as 'reasonable,' citing the impracticality of conducting extensive work during winter months in the French Alps.

The SBM aims to avoid the stress and potential complications that come with an expedited timeline for this significant project.

The renovation involves a complete overhaul of an existing structure, necessitating a building permit that has recently been approved.

This permit facilitates the addition of 6,000 square meters to the current 8,000 square meters, with plans to elevate the main building and construct three high-end chalets nearby.

The local municipality has expressed support for the development, which SBM anticipates as an important asset, given the high real estate prices in Courchevel, reaching up to €60,000 per square meter.

Current renovations to transform the former Palace des Neiges into Monte-Carlo One Courchevel have already begun.

A significant early focus includes upgrades to the building's energy performance to enhance heating efficiency during the coldest months.

Hugo Toro, a rising design talent, has been recruited to conceptualize the hotel's decor, with completion targeted for approximately 30 months from now.

In parallel, SBM has declared historic financial results for the 2024-2025 fiscal year, reporting revenues of €768 million, reflecting a 9% increase.

This growth is attributed to strong performance during the summer season and holiday periods, alongside enhancements in its hotel offerings.

The hotel sector has emerged as the group's largest revenue source, generating €399.9 million, which marks a 16% increase compared to previous fiscal periods.

This improvement is linked to rising occupancy rates as well as higher average room prices, now at €800 per night.

Despite the success in hotel revenues, the restaurant sector, although contributing significantly to the overall hotel growth with a 24% increase, continues to be less profitable.

This situation stems from a labor-intensive model that allocates a considerable portion of revenue to employee wages.

A pivotal milestone for the SBM has been the serving of over one million covers, reflecting the growing appeal of its culinary offerings.

In recognition of its gastronomic excellence, SBM has garnered three new Michelin stars, bringing its total to ten.

The establishments, including two starred for Abysse Monte-Carlo and a new star for Elsa at Monte-Carlo Beach, underscore the group's culinary achievements.

In real estate, leasing operations have also expanded, with an 11% revenue growth to €149.9 million, supported by ongoing commercial leases at the renovated Café de Paris complex, which operates with virtually no vacancies.

With an expenditure of €101.6 million on investments, SBM continues its commitment to revitalization projects, including the renovation of rooms at the Hôtel Hermitage and new dining offerings from renowned chefs.

As of March 31, 2025, SBM's financial position shows solid net cash of €186.3 million, a significant increase from the previous year’s €68.9 million.

The net consolidated result stands at €110.1 million, demonstrating a continuous upward trend despite facing various market challenges.

The construction project in Courchevel remains central to SBM's international expansion strategy, with plans to utilize cutting-edge energy preservation systems.

Completion is anticipated ahead of the Winter Olympics scheduled for 2030 in the same locale.