Signing by Pascal Camia and Mathieu Baiardi in the presence of Stéphane Valeri, Chairman and CEO, Monte-Carlo Société des Bains de Mer — Photo by SBM

As part of the strategy undertaken since Stéphane Valeri became Chairman and CEO, Monte-Carlo S.B.M. Group purchased the Palace des Neiges in Courchevel 1850 on Tuesday, October 3rd.

The strategy thus gets underway in the prestigious French Alps resort, at the heart of the Jardin Alpin district that boasts several leading luxury hotels, with the acquisition of the Palace des Neiges and with a major renovation in view to bring to life all the know-how and expertise of S.B.M in the field.

To identify the property and provide optimal support throughout this specific mountain acquisition, S.B.M Group approached the Vallat group which shares the enthusiasm to develop a luxury hotel project. This reputable partner boasts highly advanced knowledge of the real estate market in the Northern Alps, particularly in the Courcheval Valley, where the family of Mr. Joffray Vallat, the group's president, has lived for decades.

The Palace des Neiges will continue to be operated throughout the 2023/2024 winter season by the Alp'Azur group. Renovation work will begin in April 2024.

For Stéphane Valeri, Chairman and CEO: "It is a great satisfaction for our group to succeed for the first time in its history in finalizing an international hotel acquisition project, which moreover is next to some of the biggest names in luxury hotels in the Alps. The future renovated establishment will be a new growth relay for us, with complementary seasonal human resources. "

For Pascal Camia, International Development Director: "I would like to thank all the teams that worked so professionally to bring this project to fruition. From now on, we want to offer an exceptional hotel, allowing us to export our know-how to a place highly sought-after by our customers and by those we wish to attract to our group's global offering. "

About Monte-Carlo Société des Bains de Mer

Monte-Carlo Société des Bains de Mer embodies a new Art de Vivre that is unique in the world with a taste for what is beautiful, fine and good. Its Resort offers Luxury Gaming in its casinos, "haute couture" experiences in its iconic palace hotels and their Diamond Suites and gourmet dining at the cutting edge of modernity, combining Michelin-starred restaurants, international concepts and our own creations, as well as a top flight artistic and cultural selection. The Resort also offers a fantastic range of sport and well-being activities, shopping and partying. And because the new Art de Vivre Monte-Carlo must evolve towards increasingly ethical and responsible luxury, Monte-Carlo Société des Bains de Mer has been committed since 2007 to a pro-active policy in terms of energy transition, consumption of resources and waste, local fine dining and preservation of the natural heritage. The number 1 private employer in the Principality of Monaco, in 2023 the Group launched its 4th ethics charter to uphold its values of integrity and responsibility in conducting its professional business.