Operator News
France – SBM branches out with French hotel acquisition
By Phil - 19 July 2023
As part of the strategy undertaken since Chairman and Deputy Chairman Stéphane Valeri took office, the SBM Group of Monaco has announced that its subsidiary under Luxembourg law, Monte-Carlo SBM International, has signed an agreement under which the company will buy a hotel establishment in the Northern Alps from the Lucien Barrière group.
It is in Courchevel 1850, in the heart of the Jardin Alpin district, among the main players in luxury hotels, that this strategy finds its first achievement with this commitment in the acquisition of the “Palace des Neiges”, with a view to a major renovation, to bring to life soon all the know-how and expertise of the S.B.M. Group in this field.
To identify the property and optimally support this specific acquisition process in the mountains, the S.B.M. Group has approached the Vallat Group, with a shared desire to carry out a hotel project of excellence. This renowned partner benefits from a very advanced knowledge of the real estate market, in the Northern Alps, and in particular in the Courchevel Valley, where the family of Mr. Joffray Vallat, president of the eponymous group, has been installed for decades.
The acquisition is expected to close before the end of the first half of the 2023/2024 financial year, as the proposed acquisition is subject to generally applicable conditions. Financial details are not disclosed.
Stéphane Valeri, Chairman and Delegate of the S.B.M. Group, added: “This acquisition reflects our desire to deploy new growth drivers beyond the Principality of Monaco, while maintaining what makes the DNA of our group, relying on the new international development department. In addition to reaching a new target clientele, the future operation will allow our group to develop its seasonality and give new perspectives to our employees throughout the year. It is about writing in a high place of international luxury, a new page in the history of our society.
Joffray Vallat, Chairman of the Vallat Group, added: “It is a great satisfaction and pride for us to carry out this strategic project alongside the Société des Bains de Mer group, with a view to offering a future luxury hotel, in order to create a unique link between Monte-Carlo and Courchevel 1850.”
