Tourism momentum at the start of 2026 is clearly positive in the French and Swiss Alps. This press review looks back at the standout developments of the past month: record winter visitor numbers, strategic investments in mountain hospitality, and the challenges ahead.
An overview of the key January 2026 news in France and Switzerland, with a focus on what it means for investors, operators, and Alpine destinations.
Record visitor numbers in both the Northern and Southern Alps. In Haute-Savoie, the average occupancy rate exceeded 84% over the entire holiday period, up nearly 2 points year-on-year. New Year’s week peaked at 92.5% occupancy (+1 point), confirming the exceptional appeal of this period.
The same story in the Southern Alps: thanks to favorable weather (cold temperatures and good snow cover), commercial accommodation surpassed 80% occupancy (+3% vs. last year), with over 90% occupancy during New Year’s week. In the Hautes-Alpes, all 27 resorts were virtually sold out, welcoming more than 500,000 tourists over the two-week holiday period—an early-season start described as “exceptional” by local stakeholders.
Why it matters: these results confirm sustained enthusiasm for mountain holidays. For investors and operators, such high occupancy rates in December–January translate into higher lodging and ski revenues, improving the profitability of tourism assets. Despite uncertainties (inflation, purchasing power), both French and international visitors are showing up—especially in sought-after high-altitude resorts.
This validates strategies to extend the winter season (early openings, festive New Year’s offers) and encourages Alpine regions to keep diversifying into four-season tourism. In short, the market is showing strong resilience and undiminished appetite for Alpine skiing, which supports continued investment in offer quality and the customer experience to capitalize on demand.
“The strong performance of ski areas reflects an exceptional early season, with very good conditions (abundant snow and cold) that made it possible to start winter 2025/26 in the best conditions,” highlights a Compagnie des Alpes press release.
Sharp growth for the ski-area leader. Compagnie des Alpes (CDA), which operates many resorts (La Plagne, Val d’Isère, Méribel, etc.), posted record revenue of around €290m in the first quarter of its 2025/26 fiscal year, up +10.4% (+9.5% like-for-like).
This growth is largely driven by the ski season: revenue from lifts and outdoor activities reached €95.8m for the quarter, up +20% year-on-year. A positive calendar effect (one additional day of Christmas holidays) and ideal weather conditions (sustained cold and early snow) enabled some areas to open early and filled high-altitude resorts.
At the same time, CDA is expanding its offering: its accommodation subsidiary MMV opened in December a new “club residence” with 1,020 beds in Serre-Chevalier, bringing the number of operated sites to 22. The tour operator Travelski (CDA group) also launched this winter a direct overnight train from Paris to Bourg-Saint-Maurice to transport skiers more sustainably to the Tarentaise.
Why it matters: these results highlight the strength of the integrated Alpine business model. For investors, CDA serves as a market barometer: double-digit growth signals the post-pandemic rebound and the sector’s ability to monetize tourist demand when conditions are favorable.
The company has diversified its revenue (accommodation, transport packages, etc.) to capture more value per visitor while keeping costs under control (operating margins up). Its sustainability bet (overnight train, energy management of ski areas) aligns with societal expectations and reduces future regulatory risk.
For destinations and local authorities, the success of this early winter confirms that winter sports remain a key regional economic pillar—while also underscoring the importance of snowmaking and the energy transition to sustain performance in a climate-change context. The CEO, Dominique Thillaud, is optimistic: the start of the fiscal year “confirms steady appetite for skiing” among customers.
CDA expects around ~10% growth in its annual EBITDA, reflecting renewed confidence in the mountain market’s potential.
Upmarket positioning for mountain holiday residences. The French group Pierre & Vacances–Center Parcs, a specialist in holiday apartments and residences, inaugurated in December a new 4-star property in the heart of Avoriaz (Haute-Savoie). Named Capella, this five-floor high-end residence is the result of the complete refurbishment of the former L’Hermine residence, originally built in 1967.
Capella offers modern apartments of around 30 m², optimized to accommodate four people with a contemporary design and modular layouts. The project modernized an emblematic existing asset in the resort, improving comfort and environmental performance while preserving Avoriaz’s original “Pierre & Vacances” architecture. The opening is part of a broader group strategy: enhancing its Alpine portfolio through premium renovations.
Pierre & Vacances aims to increase value per key in its mountain residences in response to changing customer expectations (higher standards, more services). The group has also announced partnerships in Switzerland (with Swisspeak Resorts) to develop high-end Alpine projects, signaling its appetite for this segment.
Why it matters: this repositioning reflects a structural trend in Alpine tourism real estate: renovating and upgrading existing assets. For investors, Capella shows how profitability can be boosted by improving positioning—particularly relevant in mature resorts where land is scarce and environmental regulation is tightening.
By focusing on sustainable premium (energy renovation, refined design, hotel-like services), Pierre & Vacances hopes to attract higher-value customers and secure pricing power amid competition. For destinations, it helps ensure quality accommodation that is better integrated locally (jobs, partnerships with resort stakeholders).
Capella also reflects the necessary adaptation of the Alpine accommodation stock to the “new fundamentals of mountain tourism”: ecological requirements, a richer customer experience, and a search for more resilient long-term models. Over time, this upmarket shift could support the value of leisure real estate assets in resorts and attract new institutional investors to the Alpine market.
“This exemplary refurbishment illustrates our vision of a new-generation mountain residence—sustainable, respectful of its environment, and fully integrated into its territory,” says Grégory Sion, CEO of Pierre & Vacances.
A strong end to 2025 for Swiss overnight stays. After a more moderate autumn period, Swiss hotel demand rose again in December. According to provisional results from the Swiss Federal Statistical Office (FSO), hotel overnight stays increased by +5.9% in December 2025 compared with December 2024.
Growth is driven by both domestic and international guests: Swiss visitors rose by +4.3%, while international guests jumped by +7.4% year-on-year. Long-haul markets show notable recovery: visitors from the Americas increased by +8.4%, from Europe by +7.5% (with Italians strongly back, +20.6%), and travelers from Asia by +5.9%.
These figures confirm the post-pandemic rebound that began in 2023, when Swiss hotels had already nearly returned to pre-crisis levels. By comparison, November 2025 was flat (-0.3% overnight stays), showing how decisive the year-end holiday effect remains.
Overall, the FSO estimates that 2.44 million overnight stays were recorded nationwide in December, nearly half of them in Alpine regions and major tourist cities (detailed statistics by canton will follow with final data).
Why it matters: this rebound confirms Switzerland remains highly attractive—especially for high-spend international customers. For hotel investors, these positive indicators suggest improved RevPAR and occupancy rates in Q4, which can support asset valuations (hotels, holiday residences) and justify acquisition or renovation projects.
The geographic diversification of customer demand (strong European return, North America growing, partial Asian recovery) helps rebalance demand and reduces dependence on any single market. Swiss professionals note that some segments have not fully returned—particularly Chinese and Indian tourists, still below 2019—leaving additional medium-term growth potential.
For operators, the rise in overnight stays must be matched by tight cost control in an inflationary environment (energy, food, wages). But overall, end-2025 builds confidence: Swiss tourism weathered the pandemic and is now benefiting from a catch-up effect.
If this positive trend continues into winter 2026, it could encourage new hotel projects or capacity expansions—especially in the mountains, where demand for stays remains very strong.
Record visitor numbers and MICE prospects in French-speaking Switzerland. The Montreux–Vevey–Lavaux destination (canton of Vaud) recorded an unprecedented level of tourism last year. According to the review presented on January 27 by the Montreux–Vevey–Lavaux Hoteliers’ Association (SHMV), the destination reached between 760,000 and 770,000 overnight stays in 2025—up about +4% year-on-year.
This is an all-time record for the region, driven in particular by Swiss, British, and French guests. Local hoteliers describe an “exceptional” year despite a demanding context, reflecting the sector’s “strength and attractiveness.”
Beyond hotels, this success benefits the entire local economy: an independent impact study estimated the annual economic spin-offs of hospitality in Montreux–Vevey at CHF 160 million (local spending, jobs, subcontracting), including 1,700 jobs generated in peak season. With these results, Riviera stakeholders are looking to 2026 with optimism—especially thanks to the expected reopening of Montreux’s 2m2c convention center after renovation.
This modernized congress center will once again host major international events: the Montreux Jazz Festival (60th edition in July), the Septembre Musical (80th anniversary), Montreux Art Gallery, Montreux Comedy Festival, etc. The MICE effect (business and events tourism) should support activity outside the summer season.
Hoteliers emphasize the importance of staying united and innovative to turn upcoming challenges into opportunities and ensure a sustainable future for this exceptional destination.
Why it matters: this example illustrates the strong tourism recovery in French-speaking Switzerland and the key role of destinations with a strong identity. For investors, Montreux–Vevey shows how a region combining nature, culture, and events can deliver solid growth in overnight stays—even in a post-Covid environment.
The return of major events and business tourism in 2026 is a very positive signal: MICE flows bring solvent “off-season” demand, improving annual average occupancy and expanding revenue sources (room rentals, catering, etc.). This supports investment models focused on versatile infrastructure (e.g., hotels with conference centers).
In parallel, the economic study highlights hospitality’s important local multiplier effect: for authorities and partners, supporting the sector (training, joint promotion, infrastructure) is an investment with strong returns in economic impact and skilled jobs. SHMV president Estelle Mayer stressed collective strength: “our destination’s ability to reinvent itself and move forward together” is, in her view, at the heart of this success.
Overall, Montreux–Vevey sets the tone for resilient Swiss tourism—innovative and excellence-driven—which bodes well for upcoming projects in the Lake Geneva Alps.
The internal market as a shield against external shocks. “Domestic tourism remains our life insurance,” says Reto Nause, the new president of the Swiss Tourism Federation (FST). In a wide-ranging interview given in late January, he highlights how a fragile global environment (pandemic, geopolitical instability) has brought the importance of domestic visitors back to the forefront for the sector’s health.
In recent years, Swiss residents have shown up for their regions, partly offsetting the temporary absence of long-haul markets. According to Reto Nause, the safety, reliability, and proximity offered by domestic tourism form a solid foundation in times of crisis.
He nevertheless urges stakeholders to innovate to retain this demanding local clientele: developing new offers (themed stays, sustainable tourism, digitalizing the experience) and continuing to move Swiss hospitality upmarket, which he sees as a “driver of innovation” (notably in energy efficiency and soft mobility). He also warns against potential austerity measures that could weigh on tourism promotion or infrastructure, arguing for maintaining strategic public investment to support Switzerland’s competitiveness as a destination.
In short, his vision is both cautious and proactive: capitalize on the strength of the domestic market without giving up on winning back international visitors—through renewed offerings and stronger cooperation among all stakeholders (private sector, public authorities, associations).
Why it matters: this perspective from a national tourism leader provides strategic insight. For investors and operators in both France and Switzerland, it’s a reminder that local/regional tourists are a pillar of activity—especially during turbulence (health crises, currency fluctuations, etc.).
A destination that remains popular with its own population ensures a steady and less volatile flow of visitors—an invaluable asset for smoothing revenues. In the Alps, this can mean offers tailored to nearby customers (short ski breaks, cultural events, resident pricing policies).
From a tourism real-estate standpoint, confidence in the domestic market can encourage investments in products targeting internal demand (family hotels, four-season lodges, wellness centers accessible to locals, etc.). At the same time, the sector cannot ignore the return of international travelers, who bring additional growth: innovation and quality will be essential to remain competitive globally.
Finally, the emphasis on safety and stability is a message to public decision-makers: any regulation or budget cuts should be assessed in light of their potential impact on the industry. The resilience of Franco-Swiss Alpine tourism will depend on a subtle balance between local roots and international reach—supported by a shared long-term vision.
Demand is in great shape: the winter season is starting fast in the Alps. Record occupancy at Christmas/New Year’s, robust domestic tourism, and a strong return of European and North American guests point to lasting post-pandemic enthusiasm for mountain destinations. Travelers show a growing desire for nature, snow, and local experiences—benefiting both premium resorts and lesser-known areas.
Investments and repositioning: in response to this momentum, tourism players are sharpening their strategies. The offer is moving upmarket (renovated 4* residences, new lifestyle concepts in resorts) to meet today’s customer expectations. Positive financial indicators (rising revenue, improving RevPAR) reassure investors while encouraging innovation: “all-inclusive” offers, sustainability integration (overnight trains for skiers, ecolabels), and four-season operations aim to create long-term value in Alpine tourism real estate.
HoliProject Switzerland is a consulting and transaction firm for hospitality stakeholders operating in France and Switzerland. We support investors and operators in the success of their hotel projects—from strategic consulting to project management—so they can turn market trends into concrete opportunities.
