March 2026 confirms full momentum across all segments of the Alpine market. Winter season results validate the resilience of French mountain destinations, with 82.2% occupancy during school holidays and hotel occupancy up 3.2 points over the full season. European hotel investment surpassed €27 billion in 2025, and private capital is accelerating into the Alps: Pulsim announces on March 26 its target of €1 billion in assets within five years, while Courchevel records its most expensive sale ever on March 30 at €83,000/m². The 2030 Winter Olympics Act, signed on March 20, compresses administrative timelines across 40 Olympic construction projects and locks in the asset appreciation timeline for the next four years.
The Winter 2026 holiday report, published on March 11 by Auvergne-Rhône-Alpes Tourisme, confirms a solid season for French mountain resorts. Over the period February 7 – March 6, 2026, commercial accommodations posted an average occupancy rate of 82.2%. The week of February 14 nearly reached full capacity at 92.9%, followed by 90.4% the following week. Across the full season (December 2025 – April 2026), hotel occupancy is projected at 71.5% (+3.2 points year-over-year), tourist residences at 81.8% (+3.3 points). Professional satisfaction levels reached 78%, up 3 points.
Why it matters: A seasonal hotel occupancy of 71.5% (up 3.2 points) is a direct signal of rising RevPAR. For investors, this confirms that mountain hospitality is consolidating its position in tourism asset portfolios: demand structurally exceeds the available quality supply. The improvement in tourist residences (+3.3 points) signals strong appetite for premium residential formats combining rental yield with asset appreciation. The forecast for mid-March at +4.4 points suggests an extended season beyond typical peaks, an additional argument for assets capable of capturing off-peak clientele.
The 2026 Hotel Investor Compass, published on March 24 by Cushman & Wakefield, paints a picture of a firmly buyer-oriented European hotel investment landscape. Among the 74 senior decision-makers surveyed (collectively representing nearly €18 billion invested in European hotels between 2020 and 2025), 86% plan to allocate capital equal to or greater than in 2025, with 58% intending to deploy more. Net buyers stand at 54% versus only 7% net sellers. The average target ROE rises to 15.6% (from 13.6% in 2025). European RevPAR grew +3.9% in 2025. France maintains a 60% declared interest rate, with the Alps and PACA among the most attractive regional markets.
Why it matters: When 86% of institutional investors signal intent to increase or maintain hotel exposure, it is a class-of-asset validation that is hard to ignore. The rise in target ROE to 15.6% reflects not caution but an upward reassessment of available opportunities. For Alpine markets, this means institutional capital is actively seeking entry vehicles, and well-positioned assets (4-star, €50–80 million acquisition value, identified upside potential) will be the first to benefit from this inflow. The French mountains, cited among the most attractive regional markets alongside PACA, sit squarely within this dynamic.
The annual review published on March 2, 2026 by Cushman & Wakefield reveals a European hotel market in full acceleration. In 2025, hotel transactions reached €27 billion across more than 1,050 hotels and 133,400 rooms, up 23% year-on-year, 28% above the ten-year average, and the strongest performance since 2019 (€30.6 billion). The three most active markets, UK, Spain and France, account for 49% of total activity at €13.4 billion. Spain recorded the sharpest growth (+52% year-on-year). France ranks among Europe’s most active markets, with regional performances strengthening, notably in the Alps and PACA. For 2026, Cushman & Wakefield anticipates a continuation of this positive momentum, driven by improving operational performance and a more favourable financing environment.
Why it matters: At €27 billion in 2025, the European hotel market posts its best year since the pre-Covid era. For the French Alps, this signal is direct: France in Europe’s top 3 is attracting institutional capital, core funds and strategic buyers actively seeking assets. Premium regional markets (including the Alps, combining strong operational performance with the 2030 Winter Olympics catalyst) are first in line to capture these flows. The +23% surge in transaction volumes confirms that the European hotel cycle is firmly under way and buyers are well-positioned for 2026.
The National Mountain Resort Observatory ANMSM-Atout France published its Winter 2026 balance sheet on March 6. Tourist accommodations in ski resorts posted an average occupancy rate of 80% during the school holiday period, a slight decline of 4.5% attributable to an unfavourable school calendar. Central weeks nonetheless exceeded 90% occupancy. The standout figure: foreign overnight stays rose +3.7% versus the previous winter, driven by Spaniards (+13.2%), Americans (+11.1%), Belgians (+8.3%), Germans (+6.6%) and Swiss visitors (+6.3%). The British remain the leading international clientele at +1.5%. For March onwards, the average reservation rate stands at 50%, up 8% year-on-year.
Why it matters: The 4.5% decline is not structural: it purely reflects an unfavourable calendar effect that will not recur next season. The real signal is the rise in international visitors (+3.7% in overnight stays), the highest-spending and most quality-demanding clientele. Americans (+11.1%) and Spaniards (+13.2%) represent two fast-growing emitting markets less sensitive to French school calendar shifts. For hoteliers and investors, diversifying toward international clientele is the strongest lever for smoothing seasonality and improving annual RevPAR. March reservation data (+8%) confirms the season extends well beyond typical peak periods.
The annual study published on March 23, 2026 by the SeLoger Group, based on a panel of over 100 French ski resorts using listed property data and the Meilleurs Agents Property Price Index as of January 1, 2026, showing a slight -0.4% annual correction. Over five years, however, the mountain resort market is up +18.1%, against +9% for the overall French residential market. The average price in a ski resort stands at €5,245/m² (chalets and apartments combined). Courchevel leads the ranking at €14,190/m², ahead of Val d’Isère (€13,028/m²) and Megève. The data confirms a growing polarisation around resorts above 1,900 metres altitude, better positioned in the face of climate change. The Pyrenees record the strongest annual growth among all mountain ranges (+4.1%).
Why it matters: A -0.4% annual dip should not obscure the structural reality: +18.1% over five years for ski resorts versus +9% for the national residential market. Mountain real estate remains an outperforming asset class over the long cycle. The polarisation toward high-altitude resorts (above 1,900m) is a strong signal for investors: assets must be positioned in resorts with guaranteed natural snowfall and extensive ski areas. Courchevel, Val d’Isère and Megève confirm their status as safe havens with record-level pricing. For assets to be repositioned, altitude is now a discriminating factor in long-term valuation.
Enacted on March 20, 2026, the French Alps 2030 Winter Olympics Act introduces provisions to simplify administrative procedures in planning, urban development and housing. It notably facilitates the compatibility of planning documents and adapts public consultation procedures to accelerate the delivery of required Olympic infrastructure. These measures apply to approximately 40 Olympic construction projects, with a total budget validated by SOLIDEO Alpes 2030 of €1.4 billion, including €868 million in public funding (€587 million from the State and the host regions PACA and Auvergne-Rhône-Alpes). Priority projects include the Briançon Olympic village (€296 million), the Nice multi-sports complex (€148 million) and the Aime-La Plagne valley lift (€101 million). In the Hautes-Alpes, the first road modernisation works have already begun.
Why it matters: The enactment of a dedicated law to accelerate 2030 Olympic construction sends a strong signal to Alpine real estate investors: administrative timelines are compressed, building permits streamlined, and the schedule for 40 construction projects (€1.4 billion in works) is now legally secured. For Olympic zones (Tarentaise, Briançonnais, Haute-Savoie, Nice), this translates into accelerated appreciation of adjacent assets. The Aime-La Plagne valley lift (€101 million) illustrates the type of infrastructure that directly improves a resort’s accessibility and therefore its commercial and real estate appeal. The first cranes in the Hautes-Alpes signal that the appreciation phase is already under way. The pre-construction investment window is progressively closing.
On March 30, 2026, a private 1,800 m² chalet in the Jardin Alpin district of Courchevel 1850, designed by French architect Joseph Dirand, changed hands for €150 million, acquired by American businessman Ken Griffin. The price per square metre reached €83,000, shattering the previous record set in 2023 (€135M, €60,500/m², acquired by Stéphane Courbit). For context, the average price in Courchevel stands at €13,600/m²; this transaction is 6.1 times the standard market level of the resort. The seller, Stephen Orenstein, realised an estimated capital gain of €77 million after an initial acquisition cost of €17.5 million and €50–60 million in construction. The transaction was conducted with total discretion and disclosed on March 30, 2026, confirming the extreme vitality of the French Alpine ultra-luxury segment among international UHNWI buyers.
Why it matters: At €83,000/m², Courchevel 1850 now stands alongside Manhattan and Mayfair in the ultra-exclusive club of residential markets at this price tier. This record sets a new reference floor for the entire Alpine premium segment: it documents the premium placed on altitude, scarcity and architectural quality. For investors positioned in the premium segment, the signal reinforces the structural case: supply of top-quality assets in the most sought-after resorts is far below international solvent demand. The seller’s €77 million capital gain (+110% including construction) illustrates the value-creation mechanics for well-positioned, well-designed assets. A transaction of this magnitude occurs only once every two or three years: it certifies that the market is liquid at the very top.
On March 26, 2026, Le 10 Minutes Hôtelier revealed the ambitions of Pulsim, a single family office founded by Xavier Alvarez. With €457 million in assets under management, 14 properties and nearly 50,000 m² of developed floor space, Pulsim has announced its goal of doubling its portfolio to reach €1 billion by 2031. In 2025, the firm deployed approximately €40 million in acquisitions and generated a net income of €22 million, with net asset value doubled year-on-year. Five new acquisitions are currently in progress, representing €98 million in commitments. The Alpine strategy was crystallised in February 2026 with the acquisition of the Souleil’Or hotel at Les 2 Alpes (3,000 m², ski-in/ski-out), destroyed by fire in 2022, to be repositioned as an upscale hotel residence with spa, pool, 44 parking spaces and approximately 200 m² of seasonal worker housing integrated from the design stage.
Why it matters: The commitment of a €457M family office to Alpine hospitality is a strong marker of this asset class reaching maturity. Pulsim is not an opportunistic investor: its strategy (distressed asset acquisition, premium repositioning, quality upgrade) is exactly the model that generates value in resorts where quality supply is structurally undersized relative to demand. The €1 billion target within five years signals that institutional private capital now views mountain hospitality as a standalone investment segment, not merely a diversification allocation. Net income of €22M in 2025 with a doubled net asset value proves the thesis has already been financially validated. For HoliProject Switzerland, this type of transaction (acquisition, premium repositioning, integrated seasonal housing) is emblematic of the opportunities we support across the French and Swiss Alps.
Signal #1: Footfall & Performance, a resilient 2025-2026 winter season despite an unfavourable calendar.
With 82.2% occupancy during school holidays and 71.5% full-season hotel occupancy (+3.2 pts), the Alpine massifs reaffirm their appeal. Switzerland posts a third consecutive record for overnight stays. The market rewards quality: the luxury segment outperforms by +7.5% in RevPAR.
Signal #2: Investment & Transactions, European hospitality posts its best year since 2019.
€3.9 billion invested in French hotels in 2025 (+27%), 86% of European investors ready to increase hotel exposure. The Alpine hotel market ranks among the most attractive outside Paris. 35 projects announced before 2028 in the Alps. The acquisition window is progressively closing.
Signal #3: Premium Transactions & Private Capital, the Alps set new records in March 2026.
On March 30, Courchevel records its most expensive sale at €150M (€83,000/m²), +38% above the 2023 record. On March 26, Pulsim targets €1 billion in assets, validating the Alps as institutional investment territory. The 2030 Winter Olympics Act of March 20 compresses administrative timelines on €1.4 billion in Olympic construction. The pre-works investment window is progressively closing.
HoliProject Switzerland supports investors and operators in identifying, acquiring and managing hotel and tourism assets in France and Switzerland.
