February 2026 sends a strong signal to Alpine tourism investors: the market is buoyant and opportunities are multiplying. France confirms its status as the world’s most visited destination with 102 million visitors and revenues up 9%. Switzerland posts a third consecutive overnight stays record. On the investment front, transactions are accelerating in resort towns — from Chamonix to Les 2 Alpes — while Accor reports results above guidance and EXTENDAM is confirmed as Europe’s leading hotel capital investor for the third year running. With the 2030 Winter Olympics in the French Alps taking shape, February 2026 marks a strategic entry point for investors and operators positioned across the Alpine arc.
On February 19, Tourism Minister Serge Papin presented the 2025 tourism report. France welcomed 102 million international visitors (+2 million versus 2024). International tourism revenues reached €77.5 billion, up 9% year-on-year. Average spending per visitor rose 7% to €760 per trip. Overnight stays in commercial accommodation surged 7.5%, driven by European and North American clientele (+17% for US visitors). A particularly positive signal for the mountains: projected occupancy rates for the 2025/2026 season show a +1.3 point increase. The government now targets €100 billion in tourism revenues by 2030. Air bookings for early 2026 are sharply up: Mexico (+19%), China (+17%), Canada (+7%).
Why it matters: This report is a buy signal for tourism real estate. The rise in per-visitor spending (+7% per trip) is excellent news for investors, as it translates directly into higher RevPAR and improved hotel asset profitability. Mountain destinations are fully benefiting from this momentum with rising occupancy rates, and the government’s €100 billion target for 2030 — combined with the Winter Olympics accelerator effect — creates a highly supportive environment for acquisition and repositioning projects. The +7.5% growth in commercial accommodation overnight stays demonstrates that demand still outstrips supply, particularly in mountain areas where the stock of quality accommodation remains insufficient.
On February 25, the Federal Statistical Office (FSO) published Switzerland’s annual hospitality results. The country recorded 43.9 million overnight stays in 2025, up 2.6% from 2024. Foreign demand reached an unprecedented 22.8 million overnight stays (+3.7%), while domestic demand grew 1.4% to reach 21.1 million. European markets generated 12.7 million overnight stays (+3.9%), and the United States continued its momentum (+5%). The Basel region (+7.5%), Fribourg (+6%), and the canton of Vaud (+5.8%, a record 3.1 million overnight stays) were the strongest performers. The months of February (+11.3%) and December (+28.8%) were particularly strong.
Why it matters: Three consecutive records: the trajectory is clear. Swiss hospitality demonstrates exceptional resilience, driven by the diversification of its source markets. The +11.3% performance in February 2025 is a very positive indicator for the current winter season. For investors, Switzerland offers a particularly attractive risk-return profile: growing revenues in a market where available land in resort areas remains scarce, which protects the value of existing assets. Switzerland Tourism’s strategic shift toward longer stays and better geographic distribution opens concrete opportunities in secondary resorts and four-season destinations that are still undervalued.
Announced on February 2, the Compagnie du Mont-Blanc Group (CMB) took a major step in its diversification strategy with the acquisition of the Rocky-Pop hotel (148 rooms) in Les Houches. The acquisition, carried out through its subsidiary CIPMB (Compagnie Immobilière et de Participations du Mont-Blanc) in partnership with Beyond Places Hotels Management, is part of a broader plan: CMB is targeting 300 rooms in the short to medium term. The stated objective is to offer an integrated tourism product combining ski lifts, altitude dining, and accommodation, while contributing to preserving the territory’s liveability.
Why it matters: This transaction illustrates a particularly compelling vertical integration model in mountain tourism: a ski area operator investing in accommodation to control the entire guest journey. With revenues of €153 million (+8%) and 13 restaurants already in its portfolio, CMB has the financial firepower to accelerate. For investors, the signal is twofold: on one hand, leading operators are consolidating their destinations, which strengthens the local ecosystem and the value of all assets; on the other hand, the Chamonix hotel market — historically fragmented among independents — is entering a professionalization phase that creates build-up opportunities. The 300-room target suggests further acquisitions in the valley are on the horizon.
On February 25, Pulsim, the real estate single family office of Xavier Alvarez (€457 million portfolio, 14 assets), announced the acquisition of the Souleil’or property in Les 2 Alpes, at the foot of one of Europe’s highest ski areas (glacier at 3,600m). A building permit has been secured for a high-end hotel residence comprising 30 tourist apartments, 200 sqm of seasonal worker housing, a wellness area with spa and pool, and 44 parking spaces. The 3,000 sqm asset is located opposite the Palais des Sports and Town Hall, in the heart of the resort.
Why it matters: The arrival of a family office of this scale in the Alpine market confirms the attractiveness of the “premium mountain” segment. The operating model is exemplary: acquisition of a high-potential asset (damaged by fire in 2022), upmarket repositioning with a permit already in hand, and integration of seasonal worker housing from the design stage. For investors, this transaction demonstrates that high-altitude resorts with strong fundamentals (guaranteed snow cover, glacier, dual-season operation) attract significant private capital. Pulsim’s development at Les 2 Alpes will help strengthen the premium accommodation offering in a resort undergoing full-scale modernization.
On February 19, Accor unveiled annual results exceeding expectations. Revenue reached €5.639 billion (+4.5% at constant exchange rates). Overall RevPAR grew 4.2%, with a notable acceleration in Q4 (+7%). Recurring EBITDA jumped 13% to €1.201 billion, beating guidance. The Luxury & Lifestyle segment posted RevPAR growth of 7.3% and EBITDA growth of 20%. The group opened 303 hotels in 2025 (51,000 rooms), bringing the network to 5,836 properties. The proposed dividend is up 7% and a €450 million share buyback program is announced for 2026.
Why it matters: Accor’s results are a leading indicator for the entire hospitality sector. Three takeaways for Alpine investors: first, the luxury segment massively outperforms the market (+7.3% RevPAR versus +2.7% for midscale), validating the upmarket repositioning strategy in resort areas. Second, the RevPAR acceleration in Q4 2025 (+7%) signals sustained demand momentum at year-end — a critical period for ski resorts. Third, the launch of the first MGallery in the French Alps (Valmorel, opening winter 2027) confirms Accor’s appetite for premium Alpine destinations. Mountain hospitality is capturing the global premiumization trend.
According to the Hilltop Tracker 2025 ranking published on February 9, EXTENDAM once again ranks as Europe’s top hotel acquirer and top hotel seller. In 2025, the French hospitality private equity specialist completed nearly 40 acquisitions and 30 disposals, bringing its track record to 260 transactions, 400 hotels, 32,000 rooms, and €5.1 billion in gross assets under management. The group operates across 7 European countries and plans expansions into Greece, Ireland, and Austria in 2026.
Why it matters: EXTENDAM is the barometer of institutional appetite for European hospitality. Its “value-add” strategy — acquiring underperforming assets, renovating them, and repositioning them under brand — is precisely the type of value creation applicable to Alpine resorts. With 40 acquisitions in a single year and a predominantly off-market deal flow, EXTENDAM confirms that hotel investment has become an asset class in its own right, more resilient than traditional commercial real estate. For mountain operators and owners, this is an encouraging signal: institutional capital is available and active, provided assets come with a credible repositioning plan.
On February 3, during the 145th IOC session in Milan, the organizers of the French Alps 2030 presented their vision for the Winter Games scheduled from February 1 to 17, 2030. The plan covers four clusters (Haute-Savoie, Savoie, Briançonnais, Nice) with five Olympic villages. SOLIDEO Alpes 2030, endowed with €1.1 billion, is overseeing infrastructure works. The closing of the Milan Cortina Games on February 23 marked the official handover: the Olympic flag was presented to France during a ceremony in Albertville. The Maurienne valley, “village resorts” (La Clusaz, Le Grand-Bornand), and the Aravis massif are identified as priority development hubs.
Why it matters: The 2030 Olympics horizon is now the primary catalyst for real estate investment in the French Alps. With €1.1 billion in public funds dedicated to infrastructure and transport modernization programs, Olympic territories will benefit from a structural increase in land values. Resorts within the Olympic perimeter — Maurienne, Aravis, Tarentaise — are entering an accelerated appreciation cycle. Reversible hotel assets (capable of serving the event then switching to four-season tourism operations) are in particularly high demand. For investors, 2026 is the right time to act: early enough to benefit from pre-construction discounts, late enough for infrastructure plans to be confirmed.
In its results published in February, European REIT Covivio reported 2025 revenues of €704.8 million (+4%), with recurring net income up 10%. The hotel segment was the strongest performer in the portfolio, with revenues up 7.7%, driven by new property operations and the premiumization of existing assets. For 2026, the group expects 4% growth in recurring net income per share and proposes a dividend of €3.75, up 7%.
Why it matters: Covivio is one of Europe’s largest institutional investors in hospitality. The outperformance of its hotel segment (+7.7%) relative to other asset classes (offices, residential) confirms that hotel real estate currently offers the best growth-yield combination in the market. The 7% dividend increase and positive 2026 guidance send a clear message: benchmark REITs are betting on hospitality as their value creation engine. For mountain real estate investors, this is a structural validation of the investment thesis — institutions are not merely maintaining their positions, they are increasing their exposure.
Three signals are converging this month to strengthen the investment case for Alpine tourism real estate.
1. Demand has never been stronger. Record visitor numbers on both sides of the border (102 million visitors in France, 43.9 million overnight stays in Switzerland), commercial accommodation overnight stays up 7.5%, per-visitor spending up 7%. The market rewards quality: the luxury segment significantly outperforms midscale.
2. Capital is flowing into mountain hospitality. Compagnie du Mont-Blanc in Chamonix, Pulsim in Les 2 Alpes, EXTENDAM across Europe, Accor with the first Alpine MGallery, Covivio with hotel revenues up 7.7% — operators, family offices, and REITs are investing heavily. Hospitality is capturing a growing share of real estate investment flows, rising from a historical 7% to over 20% of volumes.
3. The 2030 Olympics horizon is creating an accelerator effect. With the official Milan-to-France handover and €1.1 billion from SOLIDEO, the Alpine resort appreciation cycle has begun. Investors who position in 2026 will benefit from the optimal window: prices still accessible, infrastructure plans confirmed, and four years of momentum building ahead of the event.
HoliProject Switzerland est une société de conseil et transaction pour les acteurs de lʼhôtellerie opérant en France et en Suisse. Nous accompagnons les investisseurs et exploitants dans la réussite de leurs projets hôteliers – du conseil stratégique à la gestion de projet – afin de transformer les tendances du marché en opportunités concrètes.
