International Development and Real Estate: The SBM Thinks Big

After a record 2022-2023 financial year (€667 million turnover), the Société des Bains de Mer (SBM) continued its momentum this summer with “a historic month of July”.  At the origin of a summer turnover up 5% compared to the previous financial year was an increase in the average price of rooms, coupled with an occupancy rate of 80% and an improvement in gaming, with customers coming from the United States (18.5%), France (14.9%), Eastern Europe and Central Asia (13.2%), the Middle East (13 %), the United Kingdom (9.2%) and Italy (8.3%).

To boost the company's activity, the group is counting on the reopening of the renovated Café de Paris in mid-November.  “It’s taking a formidable war machine to make this iconic restaurant a magical place that you absolutely must visit,” announced SBM CEO, Stéphane Valeri, after the shareholders' AGM at the end of September.  Whilst awaiting the opening of Amazonico in 2024, the SBM is also banking on the ephemeral restaurant, TAERA Monte-Carlo, designed by Victoria Vallenilla, Executive Chef of COYA Monte-Carlo.

In terms of investments, the SBM has notably acquired the Palace des Neiges, “the most prestigious five-star hotel in Courchevel, the most prestigious resort in the Alps.  It is the best-located hotel in the Alpine Garden.  We are the first, facing the forest, and behind it there are large competing palaces: the Cheval Blanc by LVMH, Les Airelles by Stéphane Courbit and L'Apogée by Xavier Niel,” comments Stéphane Valeri, specifying that the restructuring of the work (one to two years) “will be launched next spring.”  The next step in the group's international expansion? “We could soon imagine being present in the Southern Islands which have very strong activity during the winter period.”

The future development of the SBM will also involve bricks and mortar.  A new Director of Real Estate Development has the mission of “looking into the group's real estate development, the programmes to be developed, sites to choose to meet the needs of the market, whether for retail, offices or housing.  The SBM is undoubtedly the second-largest property owner in the Principality after the state.”  Important projects should be presented soon, promised the CEO.