May 2025: press review of real estate, tourism, and hospitality
Last update : 10 June 2025
At the start of the summer season, the news is dominated by the dynamic tourism sector, particularly in mountain areas, and encouraging signs in the hotel and real estate investment sectors. The French took full advantage of the Easter holidays and long weekends in May to travel, while Switzerland recorded record winter visitor numbers and is anticipating a favorable summer. On the business side, major hotel groups are posting higher results and ski resorts are innovating to promote sustainable tourism. In real estate, there is renewed investor interest in certain segments (retail, real estate investment trusts) against a backdrop of easing monetary policies.
Accor posts 9.2% growth in the first quarter of 2025
Le groupe hôtelier français a enregistré un chiffre d’affaires de 1,349 milliard d’euros au premier trimestre 2025, en progression de +9,2 % par rapport à l’an dernier. Cette performance est portée par le segment Luxe & Lifestyle (+17,9 %) tandis que l’hôtellerie milieu de gamme progresse de 1,8 %. Accor confirme ainsi la forte demande hôtelière mondiale en ce début d’année, avec 45 nouveaux hôtels ouverts (5 900 chambres) sur le trimestre, et réitère sa confiance dans sa capacité à améliorer ses performances en 2025.
May bank holidays: a boom in hotel bookings in France
The record number of long weekends in May is benefiting French hoteliers. The first long weekend in May was very popular, with bookings up 8.5% compared to 2024. Several destinations even saw double-digit increases, notably Paris (+17.5%) and the Mediterranean coast (+11 to +14%) thanks to near-summer weather. However, the northern coasts benefited less from this phenomenon (-11.5% in Brittany). The second long weekend (May 8) was quieter (less favorable calendar), but overall booking levels remain satisfactory according to industry analysts.
Easter holidays and long weekends: French people overwhelmingly favor domestic tourism
According to the Tourism Economic Observatory, 57% of French people traveled during the March-April period (Easter holidays and weekends of May 1 and 8), which is 3 points higher than in 2024. These trips were mostly short breaks, with nearly 7 out of 10 stays taking place in France, as trips abroad remained significantly lower. Mountain destinations, which still had snow in early April, posted good occupancy rates during the school holidays, then gave way to coastal destinations in May. It is also worth noting that there was a more balanced distribution of departures across all long weekends in May compared to last year.
Swiss tourism: a record winter and good forecasts for summer 2025
Switzerland ended the 2024/25 winter season with a record number of approximately 18.5 million overnight stays (+2.6% year-on-year). According to the KOF Economic Research Center, the positive trend is expected to continue. Forecasts predict a moderate increase of +0.7% in overnight stays for summer 2025, bringing the total for the season to around 21 million. This growth is driven by the gradual return of long-haul travelers (United States, Brazil, India, etc.), while Swiss customers remain at historically high levels. Despite an uncertain economic environment (strong franc, moderate inflation), tourist demand for Switzerland remains robust. The KOF also anticipates another very strong winter in 2025/26, with overnight stays likely to slightly exceed this year’s record (+0.5% expected).
French ski resorts: 7% increase in visitor numbers during the winter season
The 2024/2025 season for French ski resorts saw a 7% increase in visitor numbers compared to the previous winter. This rebound was driven by foreign visitors (30% of total visitor numbers) and the vitality of small family resorts. According to figures released at the National Ski Conference in Chambéry, all mountain ranges contributed to this growth, particularly the Southern Alps (+6%) and even smaller ranges such as the Vosges and the Pyrenees (which recorded increases of more than 30% after a difficult winter in 2024). The occupancy rate for accommodation remained stable at an average of 71% throughout the winter, an excellent level achieved thanks to a very favorable start (snowy Christmas and New Year) and renewed enthusiasm for winter sports.
Major Alpine resorts join forces for more sustainable tourism
Several major ski resorts in Europe, including Les Arcs, Tignes, and Méribel in France, have announced the formation of an international alliance for sustainable mountain tourism. On Thursday, May 7, at the Interalpin trade fair in Innsbruck, these resorts formalized their commitment to pooling their resources and expertise to reduce CO2 emissions and promote more sustainable practices in the face of climate change challenges. Compagnie des Alpes (France’s leading ski resort operator) is one of the signatories to this initiative. This collective commitment aims to accelerate the ecological transition in resorts (renewable energy, soft mobility, environmental preservation) while ensuring the long-term attractiveness of snow tourism.
The SNB lowers its key interest rate to 0.25%
Faced with very low inflation risk, the Swiss National Bank lowered its key interest rate by 0.25 percentage points in March, bringing it down to 0.25%, its lowest level since 2022. This monetary easing, which began a year ago, aims to support the Swiss economy and financial stability following the banking tensions in March. For the real estate and investment sectors, this change translates into more favorable credit conditions: Swiss mortgage rates, for example, already reflect this decline and facilitate acquisition and renovation projects. However, experts remain cautious about the outlook, waiting to see whether inflation stabilizes below 2% in the long term.
SCPI: the market picks up again in early 2025
After a sluggish 2024, SCPI real estate funds are showing signs of recovery in 2025. Net inflows in the first quarter (subscriptions minus withdrawals) reached €1 billion, up 35% compared to Q1 2024. Gross inflows also increased (+18%). According to ASPIM, this influx marks a positive turnaround after last year’s sharp decline. While several SCPIs had to adjust the valuation of their shares at the beginning of the year (13 SCPIs lowered their subscription price on March 31, while seven raised it), investors are showing renewed interest in this investment, which offers regular income. Managers emphasize that the model has proven its resilience, thanks to sector diversification (healthcare, logistics, hotels, etc.) and still attractive 2024 yields (average payout ~4.7%). The slight decline in interest rates in early 2025 is also helping to revitalize this market.
Compagnie des Alpes: increased results and raised targets
The leisure and ski resort specialist posted an excellent first half for 2024/2025. Its half-year revenue stood at €850 million as of March 31, up +11.6% year-on-year (+7.9% on a like-for-like basis). All of the group’s divisions contributed to this growth: +5.5% in revenue for ski resorts (thanks to a snowy winter at Easter), +6.1% for accommodation and distribution, and above all +32.8% for leisure parks (post-Covid recovery in visitor numbers). Half-year operating profit rose by 12.9%, bringing the EBITDA margin to 36.7%. On the strength of these results, Compagnie des Alpes has raised its annual forecast: it is now targeting ~+15% growth in EBITDA in 2024/25, compared with +10% previously. The company’s stock, which had already performed well in recent months, corrected slightly on May 21 following profit-taking by investors.
Immobilier commercial : regain d’intérêt des investisseurs en Europe
After a sluggish 2024, commercial real estate is enjoying a dynamic start to 2025 in Europe. According to a study by BNP Paribas Real Estate, investment volumes in retail reached €36 billion in the first quarter of 2025, up +31% year-on-year (including €4 billion invested in France). Retail assets thus accounted for 22% of European real estate investment in Q1, behind logistics (26%) and offices (27%). Investors are particularly keen on local shops (€9.4 billion invested, up 33% year-on-year) and shopping centers (€7.2 billion, up 81%). This rebound can be explained by the appeal of high yields in these segments (prime yield for retail parks ≈6.25% in France, shopping centers ≈5%) and the resilience of retail in Europe (sales expected to rise slightly in 2025-26). The sector is thus benefiting from the stabilization of the economy and the easing of inflationary uncertainties in the eurozone.
Date de première publication : 10 June 2025
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