September 2026 is the month capital speaks up again. Summer confirmed demand, and the autumn confirms investment. In France, hotel investment reached 3 billion euros in 2025, 44 % above the ten-year average, and the first half of 2026 accelerates further at +40 %. That capital is being deployed in the mountains: the Grand Hôtel de Valloire et Galibier is aiming for 5*, a first in the Maurienne valley, and Friendly Hotels wants to double its Alpine portfolio. Demand follows on both sides of the border. France is once again the world’s leading ski destination with 56.1 million skier days, Swiss cable cars close the summer 28 % above their five-year average, and Grindelwald fills its hotel beds at 91 %. Finally, Bern stabilises taxation: the 3.8 % hotel VAT rate is extended until 2031. Alpine upscaling now has demand, financing and a framework.
The Grand Hôtel de Valloire et Galibier, built in 1878 in the heart of the Savoie resort, is changing scale. The family group Hôtels Charme et Design, owned by Cécile and Stéphane Rives, is taking it from 3 to 5 stars, a first in the Maurienne valley. The property will grow from 37 to 43 keys of around 25 m² and add a wellness area of more than 300 m², with indoor and outdoor pools, fitness, sauna and hammam. Works start in early November 2026, with delivery in winter 2028-2029. The deal was handled by the Lyon office of Christie and Co France.
Why it matters: 5* is no longer reserved for top-tier resorts. A mid-sized resort, known for its linked ski area and its legendary pass, is hosting a project that Christie and Co describes as one of the most ambitious the town has seen in years. For an investor, it shows that a well-located heritage asset can carry a full upscaling, with an average rate gain that funds the extra capex. The model can be replicated: heritage building, a few additional keys, a spa that opens up the summer and shoulder seasons. It also highlights the value of central resort locations, which have become the raw material of these repositionings.
The 49th edition of the RYDGE Conseil study, published at the end of September, puts hotel investment in France at 3 billion euros in 2025, 44 % above the average of the last ten years. France ranks third in Europe, behind the United Kingdom and Spain. The first half of 2026 extends the trend with 1.3 billion euros of transactions, up 40 % year-on-year. At the end of July, RevPAR was up 3.3 % and 14,500 rooms are in the pipeline until 2030. Investors favour upscale assets and leisure destinations, and the study lists the Northern Alps among the best-performing regions.
Why it matters: The French hotel market has never had so much liquidity to deploy, and the mountains are on the shortlist. A volume 44 % above the ten-year average means more competition between buyers for quality assets, which supports exit prices. For a seller, the window is favourable; for a buyer, it is a reason to work off-market deals and assets to reposition, where value creation is still possible. The stated preference for upscale and leisure matches the profile of Alpine resorts exactly. Finally, RevPAR growth of 3.3 % confirms that revenues are following, which makes valuations defensible.
The Friendly Hotels group, led by Laurent Chelle and Eric Belluardo, is accelerating in the Alps. In March 2026, it acquired the 4* Le Grand Aigle hotel in Serre-Chevalier from Colony Capital, 60 ski-in rooms with a spa, backed by its long-standing financial partner 123 Investment Managers, Bpifrance and Small Capital. In February, it became owner of the walls of the Totem in Flaine, which it has operated since 2019. The group, which had three mountain hotels before these deals, now aims to double its portfolio in the medium term.
Why it matters: The model of an Alpine platform backed by patient capital is gaining ground. A specialised operator, supported by an asset manager, a public bank and a fund, buys both businesses and real estate, giving it long-term control of the strategy. Buying an asset held by Colony Capital also shows that international investors are rotating their resort positions towards French operators. For the owner of a 50 to 100-room resort hotel, this category of buyer is the natural counterpart: it is looking precisely for mid-sized, ski-in assets with upscaling potential.
On September 16, Atout France published its first review of summer 2026, prepared with France Tourisme Observation using data from the Banque de France, Insee, In Extenso and Amadeus. International tourism receipts reached 40 billion euros over the first seven months of the year, up 7 %, and are projected at 80 billion for the year. In July, hotels gained 2 occupancy points and 4 % in revenue. At Logis Hôtels, international guests grew 19 % and French guests 9 %.
Why it matters: The national source confirms what regional barometers had signalled: hotels are the accommodation type capturing summer growth. International receipts up 7 % are an indicator of spending power, not just volume, and they benefit first the properties able to serve a demanding foreign clientele. For an investor, 19 % growth in international guests within an independent network such as Logis shows that demand is not concentrated on the big brands alone. It is a strong argument for mid-sized mountain hotels, which can target this clientele with a focused upgrade and a four-season positioning.
With 56.1 million skier days in the 2025-2026 season, up 2.4 % year-on-year and 6 % above the average of the four previous seasons, France tops the world ranking for the first time since winter 2014-2015. It is ahead of Austria, at 53.7 million, and the United States, at 52.6 million. It is the third-best season in the history of French ski areas, behind 2008-2009 and 2012-2013, according to Domaines Skiables de France.
Why it matters: Winter remains the economic foundation of mountain assets, and that foundation is getting stronger. Attendance 6 % above the recent average is reassuring on the solidity of demand at a time when summer is gaining weight: both seasons are growing together, without one replacing the other. For an investor, this is the best answer to the snow-risk question raised in every investment committee. France’s regained leadership is also a commercial argument with international guests, who choose between Europe’s major ski areas. It supports the value of ski-in accommodation, whose scarcity remains the main price driver.
On October 5, Seilbahnen Schweiz published the final summer figures. From May to September, first entries rose 10 % year-on-year and 28 % above the average of the last five years. The Bernese Oberland leads with +22 % year-on-year and +59 % on its average, ahead of Graubünden at +13 %, the Vaud and Fribourg Alps at +10 % and Central Switzerland at +7 %. Installations between 1,000 and 2,000 metres were the most dynamic, at +15 %. “Current tourism demand rests on a broad base,” sums up director Berno Stoffel.
Why it matters: This closing review confirms and amplifies the trend announced in early September: growth continued into September, extending the season beyond school holidays. First entries measure real attendance, not intentions, and they validate the summer operating assumptions of Swiss hotel projects. The performance of mid-altitude sites, between 1,000 and 2,000 metres, is a valuable signal: it concerns precisely the resort villages where most of the hotel stock is located. For an investor, lasting summer demand over five months improves annual occupancy, and therefore the asset’s capacity to support a rent or debt.
Grindelwald’s hotels reached a gross bed occupancy rate of 91.2 % from May to August 2026, on a constant capacity of 3,056 beds. The Bernese Oberland resort recorded 342,801 hotel overnight stays, up 2.2 % year-on-year, with July up 3.4 % and August up 4 %. Demand grew from the Swiss, American, German and Japanese markets.
Why it matters: An occupancy rate of 91 % over four months puts Grindelwald’s hotels at the limit of their capacity. When occupancy caps out, growth comes from average rate and new supply, two levers that support the value of existing assets. For an investor, this is the typical profile of a resort where hotel land is becoming scarce and any new-room project finds its demand. The diversity of growing markets, from Switzerland to Japan, reduces dependence on a single clientele and makes revenues more resilient. The figure also illustrates the depth of summer demand in Switzerland’s major Alpine resorts.
On October 2, the Federal Parliament adopted in final votes the extension of the special VAT rate for accommodation until December 31, 2031. Overnight stays remain taxed at 3.8 %, instead of the standard 8.1 % rate. The National Council approved the text in the autumn session and the Council of States aligned with its decision. HotellerieSuisse welcomes the extension but regrets its duration: the umbrella association had asked for end-2035, arguing that four years is a short horizon for hotel investment cycles.
Why it matters: Swiss accommodation taxation is now stable for five financial years. A gap of more than four points with the standard rate weighs directly on room prices and operator margins, especially against competition from neighbouring countries. For an investor, this visibility secures the business plans of acquisitions and renovations launched today. The debate over duration is a reminder, however, that long-term decisions should include a scenario of a return to the standard rate after 2031. It is a parameter to model in Swiss business plans, just like occupancy or rent.
Signal #1: Demand, summer and winter are growing together
France is once again the world’s leading ski destination with 56.1 million skier days, while Swiss cable cars close the summer 28 % above their five-year average. Grindelwald fills its hotels at 91 %. Alpine dual seasonality is not built at the expense of winter: it adds to it.
Signal #2: Capital, record liquidity is looking for upscale and leisure
With 3 billion euros invested in 2025 and a first half of 2026 up 40 %, French hospitality is attracting unprecedented volumes. In the mountains, this capital funds upscaling projects, as in Valloire, and operator platforms, such as Friendly Hotels. Mid-sized ski-in assets are becoming a priority target.
Signal #3: Framework, Bern gives hoteliers visibility
Extending the 3.8 % VAT rate until 2031 stabilises Swiss accommodation taxation for five financial years. It is a favourable parameter for acquisitions and renovations launched now, provided the post-2031 scenario is modelled in business plans.
HoliProject Switzerland supports investors and operators in identifying, acquiring and managing hotel and tourism assets in France and Switzerland.
