As 2025 comes to a close, the Franco-Swiss mountain market is buzzing: the winter season is getting off to an excellent start, supported by early snowfall and renewed demand. In the Alps and in cities alike, investors are accelerating projects—from global luxury brands to innovative local players. Here is our selection of the month’s key news in tourism, hospitality and tourism real estate, with a focus on underlying trends and their business implications.
French resorts are heading into the festive period with strong momentum, according to industry data. On the eve of the Christmas holidays, average booking levels reached 81% (+2.5% vs. last year), based on the National Mountain Resorts Observatory (ANMSM/Atout France). Despite an uncertain economic context, French families are returning in large numbers, offsetting stable international demand. This extends last year’s positive trajectory, when the same period had already posted +5% growth. The Northern Alps reached 84% bookings (stable), and the Southern Alps 74%, while the Pyrenees jumped to 66% (+12%) and the Jura to 62% (+35%)—benefiting from more accessible pricing and sufficient snow despite lower altitude. All accommodation types are benefiting: hotels, serviced residences, holiday rentals and holiday villages all show improved occupancy (e.g., +3.5% for hotels vs. N-1). Mountain professionals report being “satisfied or very satisfied” with the start of the season.
Why it matters: These strong indicators reinforce confidence in French winter tourism. Such an occupancy level (81%) by Christmas secures meaningful economic benefits for mountain destinations (accommodation, lift passes, restaurants, retail). For investors and operators, it confirms that domestic demand remains resilient—even in an inflationary environment, with snow conditions outweighing price increases. This performance validates recent investments to modernize the winter offer (more responsible snowmaking, wellness facilities, etc.) and supports further development of four-season mountain tourism. Notably, over a quarter of French people planning to travel this winter chose the mountains (26%), suggesting continued appeal. The priority now is to capitalize on this momentum: expanding packaged stays and promoting off-peak periods (early December, January) can help smooth demand. Overall, a strong season start is a positive signal for the entire mountain ecosystem—and a confidence booster for projects currently in the pipeline.
“Booking figures are excellent, as they are 6.1% higher than last year,” said Jean-Luc Boch, President of ANMSM, as early as 21 November.
French winter destinations are quietly transforming. Long centered on alpine skiing (still accounting for 95–98% of revenue in some large resorts), the model is evolving in response to climate and social change. “Today, only about 10–11% of French people ski—it’s far less than before,” notes Éric Bascle, director at a ski manufacturer. More importantly, “for a very long time, nearly 50% of vacationers do not ski,” reminds Jocelyn Clévy, director of the Praz-sur-Arly Tourist Office. Half of resort visitors therefore engage in other activities, pushing Alpine destinations to broaden their offering. We are seeing rapid growth in snowshoeing, ski touring, sledging, snow trails, spas, zip lines, alpine coasters and other “off-ski” experiences. In Font-Romeu, for example, newly marked walking trails have overtaken cross-country ski tracks in attendance (35,000 users per year). Some resorts extend hours or delay grooming so that ski tourers can use slopes after lifts close. Lifts are also increasingly open to pedestrians, allowing non-skiers to enjoy high-altitude scenery.
Why it matters: This shift reflects a strategic adaptation to climate risk and changing customer expectations. For investors and operators, activity diversification is now essential to extend seasons and attract new segments (non-skiers, families, events) seeking a full mountain experience. Alpine skiing remains the key “anchor product” and the main revenue source in the short term—and it is often those revenues that finance new leisure infrastructure. However, complementary activities (wellness, culture, gastronomy, nature experiences) increase resilience. In low-snow years, they can mitigate downturns; in strong-snow years, they add reasons for non-skiers to travel. This multi-activity, four-season approach also opens opportunities to invest in innovative equipment and under-served services. It aligns with evolving usage patterns: guests increasingly want variety (ski in the morning, explore or relax in the afternoon). In short, the “all-ski” era is over: the winners will be the destinations that become complete mountain resorts rather than ski-only products.
“For a very long time, nearly 50% of vacationers do not ski,” emphasizes Jocelyn Clévy, director of the Praz-sur-Arly Tourist Office.
Rosewood Courchevel Le Jardin Alpin—the ultra-luxury Rosewood group’s first ski resort, opened in December 2025 in Courchevel 1850.
Luxury hotel brand Rosewood (known for Hôtel de Crillon in Paris, Guanahani in St-Barth, etc.) has opened its first mountain address in the heart of Courchevel 1850. Named Rosewood Courchevel Le Jardin Alpin, the ski-in/ski-out five-star property offers 51 rooms and suites designed by Tristan Auer, two restaurants with panoramic terraces, a high-end Asaya spa, and direct access to the slopes. The lobby even features an Olafur Eliasson art installation shaped like infinite snow crystals, echoing the Alpine setting. This December 2025 launch marks a strategic milestone for Rosewood: it is the group’s first ski resort, reinforcing its presence in one of the Alps’ most exclusive destinations. It also sits within a broader expansion wave for the brand (8 new properties worldwide in 2025), underlining its appetite for high-potential prestige markets.
Why it matters: A global ultra-luxury player expanding into the Alps is a strong signal. For hospitality investors, it confirms the enduring appeal of high-end mountain markets: affluent travelers seek exclusive experiences combining skiing with lifestyle and are willing to pay for best-in-class service. Rosewood’s arrival in Courchevel strengthens the destination’s global positioning, increasing demand for other luxury accommodation, chalets and local services. It also reflects a wider trend: major groups are diversifying portfolios into niche, high-value segments (here: Alpine resorts) to capture new revenue streams. From a real estate perspective, a brand like Rosewood supports asset value and may catalyze additional top-tier projects in the French Alps. Finally, it signals renewed post-pandemic confidence in international mountain travel: demand has returned strongly enough to justify new five-star openings by global chains. In short, Courchevel—already iconic—further consolidates its status as a world hub for luxury mountain tourism.
A major financing move is energizing Alpine hospitality real estate in Savoie. Savoy-based group Cîmehôtel, specializing in mountain hospitality, announced a €15.5 million capital increase in December with existing shareholders (including Bpifrance via the France Investissement Tourisme 3 fund) and new private investors. The goal is to accelerate expansion in the French Alps. Cîmehôtel is opening a new hotel in La Plagne this winter under its “PopAlp” brand—a revival of the resort’s historic hotel (built in 1961), reopening on 20 December after two years of works as a renovated 4-star, 50-room property. In parallel, the group signed the acquisition of two hotels in Tignes (Aiguille Percée and the Arbina-Vallon Blanc complex), aiming to transform them into a PopAlp Hôtel & Suites of around 100 keys by end-2027. The total capex for the Tignes transformation is estimated at €35M. Cîmehôtel is also innovating on staff housing: in La Plagne, it created a hostel-hotel called HOLAO offering 70 beds and a self-service restaurant to house employees and other seasonal workers. The group expects to operate 7 Alpine hotels by 2026 (vs. 4 today), totaling roughly 280 rooms, and targets €25M in annual revenue by 2032.
Why it matters: This capital raise highlights investors’ renewed appetite for mountain hospitality. Despite structural challenges (seasonality, climate exposure), public and private capital is willing to back regional operators with differentiated concepts. Here, PopAlp—welcoming slope-side hotels blending prime locations and relaxed, contemporary design—has attracted Bpifrance and partners as a long-term value creation thesis in Alpine hospitality. For destinations, the impact is twofold: refurbishing existing hotels (e.g., €15M invested in La Plagne) upgrades the offer and extends the life of aging assets; and capacity will increase (100 keys planned in Tignes), supporting medium-term growth. The HR angle is equally critical: financing staff accommodation addresses one of the sector’s biggest pain points (housing and retaining seasonal staff). This virtuous loop—investing in real estate, concept and people—strengthens operating sustainability. For competitors, the message is clear: innovation and investment are becoming prerequisites. Overall, Cîmehôtel shows that with long-term vision, local anchoring and a well-positioned offer, significant capital can be mobilized even outside global chains.
The boundaries between tourism accommodation and residential formats continue to blur with a new foreign entrant in France. Basque group Líbere Hospitality (LHG), specializing in flexible urban aparthotels and serviced residences, announced its entry into France with a first project in Paris. Located on Rue du Havre between Saint-Lazare station and Opéra, the property will open in early 2026 in an existing building with 12 apartments (50 beds). A renovation will increase capacity to 19 apartments and align the building with Líbere’s concept standards. The model centers on guest autonomy and digitalization: online check-in, keyless access, services via app—designed to deliver a “front-desk-free” hospitality experience. LHG also operates asset-light: it does not buy buildings, but grows through long leases or management contracts, enabling rapid expansion with limited real estate capital commitment. Already present in Spain, Italy, Portugal, the UK and Greece, LHG expects to operate 1,000 units across 5 countries by end-2025. Its 2025 revenue is projected above €32M—double 2024—driven by this fast growth. The France team calls the Paris launch a “strategic milestone” in one of Europe’s most competitive markets, as proof of the model’s strength.
Why it matters: Hybrid, tech-enabled accommodation is gaining momentum, and Líbere’s move into France is a clear example. For investors, the appeal is straightforward: this model can deliver high margins (~60%) thanks to optimized operations reducing operating costs by ~40% vs. traditional hotels. The asset-light approach also limits balance-sheet risk tied to property ownership. However, LHG’s entry will intensify competition in Paris, especially on mid-stay and corporate nomad segments. For incumbent operators (independent hotels, existing serviced residences), it is a prompt to accelerate digital transformation and rethink guest experience. This project also relies on a partnership with a local owner (RedBlue)—showing opportunities for French real estate investors to enhance assets by partnering with specialized international operators. Finally, it signals renewed confidence in the Paris market post-pandemic, despite regulatory constraints on short-term rentals. In short, Líbere’s arrival may foreshadow a broader wave of “smart” hospitality where technology and flexibility redefine the rules—well worth monitoring.
Switzerland’s tourism industry continues to set new highs. According to the Swiss Federal Statistical Office, Swiss hotels recorded 25.1 million overnight stays in the 2025 summer season (May to October)—an all-time record, up +2.6% compared with summer 2024. This even exceeds the summer 2023 benchmark, confirming sustained post-Covid growth. International demand is the main driver: foreign guests generated 13.4 million overnight stays (+2.4%), described by the FSO as “the best result in several decades”. US travelers stood out with 2.5 million overnight stays (+3.1%), the strongest level in 40 years. European demand also grew (+3.8%), supported by the appeal of cooler Alpine climates during heatwaves (the Alps as “Europe’s refrigerator”). Domestically, Swiss residents contributed 11.7 million overnight stays (+2.8%). Some long-haul markets remain mixed: guests from the Gulf, India and South Korea declined slightly, and China, while rebounding (+11% vs 2024), remains 43% below 2019. Overall, 2025 is on track to be exceptional, following 2024 which already exceeded 42 million annual overnight stays.
Why it matters: These record performances confirm the strength of Swiss tourism, benefiting the entire value chain (hotels, transport, retail, etc.). For investors, this is a confidence signal: Switzerland offers strong, growing fundamentals, supporting renovations and capacity expansion. The return to historical highs validates strategies focused on quality and premium positioning to attract high-spend international guests. A diversified mix of source markets—US resurgence, sustained European flows, gradual Asian recovery—reduces dependence on domestic demand, strengthening resilience. Still, some caution is warranted: fluctuations in Gulf and certain Asian segments reflect global headwinds (currency, geopolitics). Rising operating costs in Switzerland (energy, food, labor shortages) may also dampen the profitability effect of higher volumes. Nevertheless, HotellerieSuisse notes: “Overall, we are very satisfied with business developments”. In short, Swiss tourism continues to consolidate its rebound and appears on a steady path toward new records—encouraging for tourism real estate and hospitality projects across the country.
On the policy front, Switzerland is reinforcing support for hospitality. At its annual parliamentary dinner in Bern in mid-December, HotellerieSuisse highlighted two key advances in 2025. First, Parliament voted to extend the reduced VAT rate for accommodation services, avoiding a return to the standard rate and preserving Switzerland’s pricing competitiveness. Second, a training reform introduced new professional degrees (Professional Bachelor and Master) to enhance hospitality careers and address skilled labor shortages. Discussions also covered modernizing the Swiss Society for Hotel Credit (SCH)—the sector’s public financing body—to better support projects, including in urban areas. HotellerieSuisse further emphasized the importance of bilateral agreements with the EU to facilitate recruitment of talent in hospitality, ahead of crucial negotiations in 2026.
Why it matters: These policy decisions strengthen the business environment for tourism real estate in Switzerland. Maintaining reduced VAT for accommodation (currently 3.7% vs. 7.7%) provides meaningful relief for operating margins—especially amid cost inflation—and can encourage renovations and new developments by improving net project returns. On human capital, new Bachelor/Master pathways may enhance the attractiveness of hospitality careers and ultimately ease staff shortages, particularly in remote Alpine regions. Support for a modernized SCH suggests improved access to financing for innovative hospitality projects beyond traditional destinations. These developments also reflect public recognition of the sector’s economic contribution after record years. A note of caution: at the same time, the federal government has considered reducing Swiss Tourism’s promotion budgets by CHF 34M for 2027–2029, so industry advocacy and impact measurement remain important. Overall, Switzerland currently offers a favorable environment for tourism investment, combining supportive tax policy with sector recognition—an additional advantage for cross-border Franco-Swiss project sponsors.
Three key signals this month :
Rising demand and longer seasons: Tourism is in robust health at the end of 2025. In France, more than one in two people plan to travel this winter, driving resort bookings (up to an 81% average booking rate at Christmas) and pointing to a strong season. In Switzerland, 2025 is expected to set a new annual record (+1 to +2% vs 2024), extending the post-pandemic upswing. Demand is also spreading across time and places: early snowfall enabled openings from late November, lengthening winter operations; and destination marketing increasingly promotes shoulder seasons and less crowded areas to mitigate overtourism. The opportunity now is to lock in loyalty by sustaining high guest satisfaction (service, flow management, perceived value).
Acceleration of investment and new formats: This month confirms an uptick in hospitality investment activity across the Franco-Swiss tourism ecosystem. We see structural moves—from global luxury (Rosewood’s opening in Courchevel) to innovative regional groups (Cîmehôtel and PopAlp). The common denominator is a focus on durable value drivers: refurbishing existing assets, targeted upscaling, and alternative accommodation models (digital aparthotels in city centers, such as Líbere). Capital is flowing from diverse sources (public finance, private funds, foreign groups), showing that tourism real estate remains compelling when the product-market fit is right. Investing now also means innovating: enhanced guest experiences (off-ski resort activities, “phygital” services), ESG integration (staff housing, energy efficiency, local embedding), and finer segmentation. Projects that integrate these dimensions are better positioned to perform and withstand volatility.
Sustainability, climate and talent pressures: Finally, the news underscores external constraints that require strategic adaptation. From a climate perspective, a strong snow year should not mask structural fragility: four-season diversification is no longer optional. On human capital, the talent battle is back: Switzerland is strengthening professional pathways and emphasizing international mobility, while operators are innovating through staff housing and incentives. Financial sustainability is also on the agenda (reduced VAT, dedicated credit, and cost optimization through tech such as front-desk-free operations). Lastly, overtourism management is being addressed more proactively in Switzerland—marketing is adjusted to distribute flows and protect destinations’ long-term attractiveness. For tourism investors, embedding environmental, social and economic sustainability is now a core requirement to secure performance and resilience.
HoliProject Switzerland supports investors and operators in France and Switzerland in delivering future-proof tourism projects—hotels, serviced residences and innovative destination developments. With deep Alpine expertise and a cross-border network, we manage your project from feasibility study to turnkey delivery, with a durable, tailor-made approach. Get in touch to discuss your ambitions: every great project starts with a conversation.
