Jean-Luc Biamonti, CEO of Société des Bains de Mer, said on Friday that there was absolutely no truth in reports that the Hotel Hermitage will be converted from a hotel into serviced apartments.

“It is a hotel and will remain a hotel,” he told Monaco Daily News. “Not for one split second” has the option been considered, he said, adding: “Please kill the rumour.” He described the Hermitage as “Magic.”

Mr Biamonti’s comments came after the annual general meeting of SBM shareholders on Friday morning.

During the 12 months from April 1, 2019, until March 31, 2020, SBM’s overall turnover increased by 18 percent, to 619.8 million euros compared to 526.5. Almost all of SBM’s hotels and restaurants closed in mid-March due to coronavirus restrictions.

SBM’s rental income from properties it owns and manages has grown at a faster rate than income from hotel rooms.

Following the AGM, SBM said in a press release: “This favourable development in operational performance mainly concerns the rental sector, which shows an increase in its operating income of 34 million euros.”

PHOTO: This chandelier has a long future ahead of it Jack Brodie