April 2026 closes a record Alpine winter and confirms the acceleration of private capital across European hospitality. The Skidebrief shows 73 % average occupancy and rising skier days, while the Easter holidays ended on an exceptional weekend for French Alpine resorts (La Plagne up 10 %). On the investor side, EXTENDAM ranks as Europe’s top hotel acquirer for the third year in a row, with 5.1 Bn€ in assets and 400 hotels under management. Compagnie des Alpes posts a 3.9 % half-year revenue growth, Switzerland reaches a third consecutive record at 43.9 million overnight stays, and the May 20, 2026 deadline (Le Meur law) will reshape the French rental market. The 2026 Mountain Investment White Paper and the In Extenso TCH study close a month where every indicator converges toward one clear reading: the Alpine cycle has entered a new phase of professionalisation.
On April 28, 2026, the Union Sport et Cycle (UESC) released its annual Skidebrief. For the 2025-2026 season, average occupancy across French ski resorts reached 73 % (+2.5 points). Skier days on Alpine ski areas rose by 1 %, and revenue from Nordic ski areas climbed 2 % to 13.9 M€ on 2.8 million skier days. Sport retail sales gained 6 %, and teaching hours from the French Ski School (ESF) grew by 2.18 %, equivalent to nearly 110,000 additional hours.
Why it matters: This benchmark sets a clear market signal for mountain hospitality investment. A 73 % occupancy rate translates mechanically into a higher RevPAR and a better coverage of fixed costs. The growth of skier days validates the resilience of demand despite a less favourable holiday calendar than last year. For operators and funds, this confirms that skiing remains a reliable yield driver and that ski-in/ski-out assets retain a durable valuation premium.
The 2026 Easter holidays ended on exceptional figures for Alpine resorts. La Plagne, in Savoie, recorded a 10 % increase in attendance versus 2025 and closed its ski domain on April 26, 2026. The Easter weekend benefited from a rare combination: record-late snow cover, peak sunshine and promotional packages on accommodation, ski rentals and lift passes. International demand confirmed its growth, particularly from the United Kingdom, the Netherlands and Belgium, and tourism professionals openly described the weekend as “incredible” for the end of the season.
Why it matters: An Easter peak on an extended end-of-season validates two key investment theses: the premium for high-altitude resorts able to deliver long snow seasons, and the value of a too-often overlooked spring skiing market. For owners of hospitality assets, those Easter days capture additional yield at very low marginal cost, provided operations stay open through late April. The rise in international demand reinforces upscale positioning and confirms the relevance of a four-season product mix. Resorts that close too early are now leaving margin on the table.
In the first half of fiscal year 2025-2026, Compagnie des Alpes posted consolidated revenue of 882.7 M€, up 3.9 % year-on-year. On April 21, the group announced together with Prinoth the launch of the Leitwolf LTE-Motion, the first high-power electric snow groomer industrially produced. Three units will enter service from autumn 2026 at Serre Chevalier, Val d’Isère (Bonneval-sur-Arc area) and La Plagne. Its subsidiary Travelski also operated the first season of the Travelski Night Express, a Paris-Bourg-Saint-Maurice night train running 14 round-trips between December 19, 2025 and March 20, 2026.
Why it matters: Europe’s leading mountain operator is consolidating its position on three fronts: organic revenue growth, industrial decarbonization and soft mobility. For investors, the Leitwolf LTE-Motion innovation is a strong signal: the ESG trajectory of ski areas is becoming a financializable asset, and therefore a key arbitrage criterion between resorts. The night train, on the other hand, structures a high-end European demand less dependent on air travel, in line with public policies for 2030 and with the expectations of Dutch, British and Belgian clients.
According to the Hilltop Tracker 2025 ranking, EXTENDAM stands as Europe’s top hotel buyer and seller for the third year in a row. The firm completed nearly 40 acquisitions and around 30 disposals in 2025. As of December 31, 2025, its platform totalled 260 deals, 400 hotels, 32,000 rooms and 5.1 Bn€ in gross assets under management. EXTENDAM is now active in seven European countries and focuses on branded budget and mid-range hospitality, with a deal flow primarily sourced off-market.
Why it matters: EXTENDAM’s three-year leadership reflects the maturity of European hospitality private equity. The pace at which acquisitions and disposals are combined confirms the liquidity of the secondary market and the ability to industrialise a track record. For Alpine operators and sellers, this guarantees market depth: a well-prepared asset will find a buyer. For regional investors and family offices, the “off-market with execution discipline” model is becoming the benchmark, and the access barrier shifts to sourcing quality and closing speed.
The Le Meur law of November 19, 2024 generalises the registration requirement for furnished tourist rentals across France. From May 20, 2026, every short-term rental operator must hold a national identification number, obtained through an online declaration including the owner’s identity, the property’s characteristics and the type of accommodation. This number must appear on every listing (Airbnb, Booking and other platforms). Non-compliant landlords risk having their listings removed and face fines of up to 10,000 € (20,000 € in case of false declaration).
Why it matters: The compliance window closes in three weeks. This deadline will trigger massive removals of non-compliant listings, especially in Alpine resorts where informal short-term rentals of secondary homes remain widespread. For hotel and para-hotel investors, this creates a structural competitive advantage: less informal supply at peak occupancy, better visibility on local competition, and an opportunity to capture a clientele ready to trade up. For owners of secondary homes, the trade-off between direct operation, management mandate and divestment becomes more strategic than ever.
According to the Federal Statistical Office, Swiss hospitality recorded 43.9 million overnight stays in 2025, up 2.6 % (+1.1 million stays) versus 2024. This is the third consecutive annual record. Foreign demand reached 22.8 million units (+3.7 %, or +803,000 stays), an all-time high. Domestic demand rose to 21.1 million stays (+1.4 %, or +296,000), surpassing the 2022 record. The net room occupancy rate stood at 56.8 % (+1.7 points), exceeding the previous peak of 55.2 % set in 2019.
Why it matters: Switzerland confirms its status as a safe haven for international capital: a third consecutive record and an occupancy above 2019 prove the robustness of the Swiss model despite the strong franc. For hospitality investors, this strengthens the favourable risk premium of Swiss assets. Geneva, Zermatt, St. Moritz, Verbier and the Engadine remain markets where land scarcity and service quality support valuations. The performance gap between Switzerland and France is narrowing, but remains a strong argument to diversify a European portfolio.
Released in April 2026 by the Pôle Implantation Tourisme, the 2026 Mountain Investment White Paper draws a complete map of the market: 20 Bn€ in annual tourism spending, 555 M€ invested in 2025 in ski areas, and a major calendar shift since the summer season now concentrates 64 % of overnight stays and overtakes winter in total tourism revenue. The 2030 Winter Olympic Games in the French Alps are expected to inject 3 Bn€ into the host territories. The document identifies four priority geographic areas and reviews tax frameworks, rental yields and the impact of the Olympic effect on mountain real estate.
Why it matters: This publication confirms a structural shift: the valuation of a mountain asset is no longer driven solely by winter performance. A four-season asset, well-equipped for wellness and outdoor summer activities, now captures a majority share of attendance and annual yield. The 2030 Olympic effect prolongs this trend and provides exceptional capital visibility for the next five years. For investors, the message is clear: select assets based on their ability to deliver an annualised yield, not just a seasonal one.
During its regional conference held in April 2026 in Strasbourg, the consultancy In Extenso TCH released its 2025 review and 2026 outlook. Accommodation revenue grew by 1.9 % year-on-year overall, with a much stronger trend for the upscale and luxury segments at +5.4 %. The report also highlights the rising power of artificial intelligence, data analytics and hyper-personalisation as strategic levers to build customer loyalty and support a more resilient and sustainable hotel model.
Why it matters: The performance gap between standard and upscale hospitality reaches 3.5 points, an even stronger signal in the French Alps where the 4 and 5-star supply remains undersized relative to international demand. This is one of the main drivers behind the price surge in Courchevel, Megève and Val d’Isère, and the next wave of upscale investment is already taking shape in Méribel, Tignes and Saint-Martin-de-Belleville. As for AI, it is becoming a key differentiator between operators: those who industrialise customer data gain in effective RevPAR and gross operating margin.
Signal #1: Demand and attendance, Alpine winter closes on an exceptional Easter peak
73 % average occupancy in France, +1 % skier days and a 10 % increase at La Plagne over Easter: the 2025-2026 season validates the resilience of demand despite a less favourable calendar. Switzerland posts a third consecutive annual record at 43.9 million overnight stays and an occupancy above 2019 levels. Skiing remains a reliable RevPAR driver, and the extended end-of-season captures additional yield at low marginal cost.
Signal #2: Private capital, EXTENDAM and Compagnie des Alpes accelerate market professionalisation
EXTENDAM seals a third consecutive year at the top of the Hilltop Tracker ranking with 5.1 Bn€ in assets and 400 hotels under management. Compagnie des Alpes posts +3.9 % half-year revenue and launches the world’s first electric snow groomer along with a dedicated night train. For Alpine operators and family offices, market depth is confirmed and off-market sourcing is becoming the new standard.
Signal #3: Regulation, premiumisation and 2030 Olympics, the Alpine cycle reaches a new level of maturity
The May 20, 2026 deadline (Le Meur law) will remove informal rentals from the market, while the upscale segment accelerates with RevPAR up by 5.4 % (In Extenso TCH). The 2026 Mountain Investment White Paper confirms that summer now accounts for 64 % of overnight stays and that the 2030 Olympics will inject 3 Bn€ into local territories. The premium for structured operators is widening, and Alpine asset valuations are now built on four seasons, not just winter.
HoliProject Switzerland supports investors and operators in identifying, acquiring and managing hotel and tourism assets in France and Switzerland.
