Winter has arrived early in the French Alps. Heavy snowfall has allowed around ten ski resorts to open their slopes ahead of schedule, pointing to a strong start to the mountain tourist season.
“White gold” in abundance in the Alps: in some resorts such as Avoriaz, November snowfall has not been this heavy since 2012. As a positive consequence, after Tignes, Val Thorens and Orelle (already open since mid-November), around ten ski areas kicked off their season as early as 29 November. In Avoriaz, for example, part of the area opened with a special rate (€21.50 per day) to celebrate the occasion. In the Chamonix valley, Les Grands Montets (Argentière) and even part of La Flégère welcomed skiers over the weekend, while in Savoie, Val d’Isère followed suit. In Isère, Chamrousse and Villard-de-Lans also brought their openings forward. Les Deux Alpes opened fully on 29/11 and, thanks to its glacier, will remain in operation until May. For mountain professionals, these early openings are a godsend: “The success of resorts depends largely on the abundance of snow,” recalls L’Echo Touristique. A longer season start means more bookings for stays and ski passes, and more economic impact in the villages.
Why it matters: This development strengthens confidence in winter mountain tourism. Early snowfall helps extend the season and improve occupancy rates in accommodation (hotels, chalets, serviced residences) from the end of November. For investors and operators, it confirms the value of diversifying resort portfolios (with some high-altitude or glacier resorts offering guaranteed early snow). It also encourages innovation in non-ski offerings to capitalise on the early influx of visitors (start-of-season events, promotional offers such as in Avoriaz). Of course, these favourable conditions still depend on the weather, but they show that generous winters do still occur – a factor to build realistically into business plans, while not neglecting climate adaptation measures for less snowy years.
“In the Alps, there is no shortage of snow as winter approaches. After the opening of Tignes, Val-Thorens and Orelle last weekend, around ten ski areas are opening… as of 29 November.” — L’Echo Touristique
A landmark deal is energising alpine hotel real estate. The young Savoyard group Mont-Blanc Collection continues to scale up by acquiring a renowned property in Morzine, backed by an ambitious renovation plan.
Mont-Blanc Collection, the hotel group founded by Savoyard entrepreneur Martin Devictor, has announced the acquisition of Hôtel Les Airelles (4 stars, 25 rooms) in Morzine. This family-run hotel, owned for three generations by the P. family in this flagship ski destination (Haute-Savoie), is therefore changing hands. The transaction includes both the property and the operating business, and is described as “value-add” – implying significant potential for value creation through refurbishment. Mont-Blanc Collection is planning upgrade works and a repositioning strategy to move the asset upmarket. Notably, the sellers are reinvesting part of the proceeds alongside the buyer, signalling their confidence in the future project. The purchase price has not been disclosed. This acquisition adds to Mont-Blanc Collection’s growing portfolio, already present in the Alps, and reflects renewed appetite for mountain hotel assets, with the sector having rebounded since the pandemic.
Why it matters: This deal highlights the safe-haven and strategic nature of alpine hotels. By taking over a well-established 4-star property, Mont-Blanc Collection is capitalising on the long-term appeal of resorts such as Morzine (Portes du Soleil), where tourist demand remains strong year-round (skiing in winter, hiking and cycling in summer). The planned renovation illustrates a broader trend: investing to move upmarket and differentiate the offer (spa, local gastronomy, premium services) in order to attract international clientele and increase RevPAR (revenue per available room). The fact that the historic family retains a stake in the project demonstrates mutual confidence and ensures a smooth transition, which is an asset for operational continuity. For investors, this successful transaction is an incentive to target “value-add” opportunities in the mountains: acquiring properties in need of modernisation in high-demand destinations can offer strong value creation potential, backed by solid tourism fundamentals.
“Some members [of the owning family] have nonetheless reinvested in the project.” — Mont-Blanc Collection press release
Illustrating an emerging trend, a Paris office building is about to change function and become an upscale tourist residence. This bold operation, led by a French investor, aims to create value by betting on the buoyant urban tourist accommodation segment.
Investment group Mimco Asset Management made a major move this autumn by acquiring an office building located at 15 rue Fénelon in Paris’s 10th arrondissement. The property, with a floor area of around 2,583 sq m, will undergo a major refurbishment: Mimco plans to convert it into a high-end serviced residence, comprising around sixty tourist apartments. Operations will be entrusted to Quartier Libre Collection Paris, the specialist brand of the JHMH group, guaranteeing a high-quality concept. This transformation of a tertiary asset into accommodation illustrates a dual value creation dynamic: (1) asset value, by breathing new life into a well-located building; (2) operational value, by tapping into strong demand for aparthotels combining autonomy with hotel-style services. The project reflects the broader trend towards hybrid real estate uses (vacant offices repurposed for tourism) and a Parisian extended-stay market that is booming (family tourists, mobile professionals, etc.). It also aligns with public policies encouraging diversification of accommodation supply in response to tighter regulations on short-term rentals such as Airbnb.
Why it matters: This innovative operation is an inspiring signal for real estate investors. It shows that by stepping off the beaten path, they can take advantage of evolving travel and work patterns. The likely success of this project could spur similar conversions in major cities: rather than leaving offices vacant, transforming them into tourist assets can generate attractive returns if the location and concept are well aligned. For operators, this new hotel-residence will offer a hybrid product tailored to contemporary expectations (space, equipped kitchen, flexible length of stay) while pooling the services of a traditional hotel – a segment experiencing strong growth. Finally, it illustrates the importance of innovation in hotel real estate: faced with competition from peer-to-peer rental platforms, professional players are reinventing themselves by offering alternative but reliable and regulated accommodation solutions.
“Repositioning an office asset as a premium serviced residence” — this is the bet made by Mimco, combining “long-term asset vision” and “value creation” in this ambitious Paris project.
In Switzerland, winter 2025–2026 forecasts point to moderate growth in hotel stays, in a less buoyant context than last year.
According to economists at BAK Economics, the Swiss hotel sector should record a further +0.9% increase in overnight stays in the 2025/2026 winter season. This represents 161,000 additional overnight stays compared with the previous winter. Domestic demand is expected to rise by 0.5%, supported by preserved purchasing power thanks to low inflation, while foreign demand is expected to increase by 0.9%. European visitors are set to keep coming despite a strong Swiss franc and an uncertain economic climate. By contrast, growth in long-haul markets (Americas, Asia) is expected to slow sharply, partly due to a weaker dollar and new US trade policies. Over the whole of 2025, Switzerland could see a +2.5% increase in tourist overnight stays. Overall, these forecasts indicate encouraging stability in Swiss tourism after an exceptionally strong year driven by one-off events.
Why it matters: For decision-makers, this moderate yet positive growth in Swiss winter tourism is a sign of market consolidation. Even in the absence of exceptional drivers this year, demand is trending upwards – a reassuring signal for investors in Swiss hospitality.
“Tourism in Switzerland… is expected to see a slight increase during the 2025/2026 winter season,” according to forecasts commissioned by the State Secretariat for Economic Affairs, pointing to welcome stability after a record previous winter.
The B&B Home brand (B&B Hotels Group) is entering the mountains for the first time, with a hybrid hotel–residence offering in Brides-les-Bains (Savoie).
B&B Home, B&B Hotels’ new mid- to long-stay brand, inaugurated its first mountain resort property in November, located in Brides-les-Bains in Savoie. Set at the gateway to the Vanoise National Park and linked to the 3 Vallées ski area by gondola, the property offers a concept halfway between a traditional hotel and a serviced residence. The establishment features 102 modular rooms (for 1 to 4 guests), plus a 10-bed dormitory for groups. Designed for families, sports enthusiasts and remote workers seeking nature, the concept focuses on ease of use and autonomy: self-service kitchen areas, a convivial lounge for après-ski, and contemporary décor that revisits alpine codes (wood, stone) in a modern style. “Offering a home away from home” is the stated goal, explains Vincent Quandalle, CEO of B&B Hotels, who is already planning nine B&B Home locations by the end of 2025. With Brides-les-Bains, B&B is extending its range into mountain destinations, following openings in urban environments (Saint-Ouen, Caen) and overseas territories.
Why it matters: The launch of B&B Home in a ski resort illustrates the expansion of the aparthotel model into new territories. Investors are closely watching this upscaling of the economy segment: offering affordable, flexible and convivial accommodation in the mountains meets growing demand for extended stays combining remote work and leisure. For alpine destinations, the arrival of players such as B&B means a broader accommodation offering and greater loyalty among new customer segments (young professionals, digital nomads, spa visitors). This development confirms the strong prospects for serviced residences, driven by concept innovation and client experience, including outside major metropolitan areas.
“One of the key innovations of this project is the introduction of an ‘all-inclusive’ package… A first for the brand (Mama Shelter).”
The winter season in France is shaping up positively. As the festive period approaches, French travel intentions are slightly higher than last year, suggesting a busy end of year for domestic tourist destinations – particularly in the mountains.
On 21 November, the government officially launched the 2025–2026 winter tourist season, striking a cautiously optimistic tone. According to Atout France, 53% of French people plan to take an overnight trip by the end of the year, up 2 points on 2024. Among them, more than a quarter intend to head to the mountains (26%) for their holidays, confirming the enduring appeal of winter sports. “Today, we are launching a season that will be promising,” said Serge Papin, Minister of Tourism. This confidence is based on several positive early indicators: bookings in ski resorts are slightly ahead of last year, and industry professionals report a gradual return of group and seminar business (MICE: Meetings, Incentives, Conferences, Events) in the mountains, alongside traditional leisure clientele. Public authorities also highlighted investment efforts to modernise winter tourism infrastructure (more sustainable artificial snowmaking, wellness facilities, etc.), aiming to strengthen the appeal of French mountain ranges in the face of European competition.
Why it matters: These trends reflect a climate of confidence for the winter season in France. For tourism and hospitality stakeholders, more French people going on holiday translates into higher activity levels in hotels, seasonal rentals, restaurants and leisure. The fact that more than one in two French residents plans to travel this winter – despite inflation – is a positive signal for the domestic tourism economy. The renewed draw of mountain destinations will particularly benefit Alpine and Pyrenean regions that have invested heavily. Investors and operators can see this as confirmation that a four-season tourism positioning is paying off, and that the French domestic market remains a solid base, including in winter.
This winter, three strong signals emerge for tourism and hospitality:
Confirmed recovery and extended season: Early snowfall in the French Alps is boosting the start of the season, with resorts such as Tignes, Val Thorens, Les Deux Alpes, Avoriaz, Val d’Isère and Chamrousse opening as early as the end of November, sometimes with promotional offers. At the same time, 53% of French people plan to take a trip by year-end (26% to the mountains), while Switzerland anticipates a +0.9% increase in winter overnight stays. The sustained appeal of winter sports and the stability of domestic and European client bases confirm the strength of demand.
Investment and innovative concepts: Several transactions demonstrate a hotel market in motion. In the mountains, Mont-Blanc Collection is acquiring the 4-star Hôtel Les Airelles in Morzine with a value-add renovation project, while B&B Home is opening its first alpine aparthotel in Brides-les-Bains, blending extended stay, flexibility and conviviality. In the city, Mimco is converting a Paris office building into a premium serviced residence, betting on office–tourism hybridisation and rising demand for urban aparthotels. These projects reflect renewed optimism and a desire to move upmarket while diversifying formats.
Positive outlook with cautious optimism: In Switzerland, the projected growth remains moderate (+0.9% winter overnight stays, +2.5% over the year), reflecting a less favourable economic and geopolitical environment and a strong franc. In France, while travel indicators are trending upwards, inflation and uncertainty persist. The lengthening of the season (early openings, operations through to May in Les Deux Alpes) and the modernisation of infrastructure (more responsible snowmaking, wellness offers, four-season products) nonetheless reinforce the resilience of destinations and the adaptive capacity of operators.
In short, the winter season is opening under favourable conditions: early snowfall, higher travel intentions and new real estate and hotel projects together paint a positive picture. This is an opportune time to consolidate positions in the mountains, accelerate urban conversions and develop new accommodation concepts capable of capturing demand that is both more demanding and more flexible.
HoliProject Switzerland is a consulting and transaction firm supporting hospitality players operating in France and Switzerland. We assist investors and operators in the successful delivery of their hotel projects – from strategic advisory through to project management – turning market trends into concrete opportunities.
