Having earlier signalled its desire to acquire a hotel property in the Alps as part of a programme of international expansion, SBM announced on Friday that it will buy the Palace des Neiges 5-star hotel in Courcheval 1850.

The property will undergo major renovation. SBM’s CEO, Stéphane Valeri, said that the acquisition represents a new source of growth for the company beyond Monaco. The future operation will also enable SBM to retain its workforce throughout the year, thereby addressing a major concern.

The present owner of the Palace is the Vallat group, whose president, Joffray Vallat, indicated that there will be continued cooperation with Société des bains de mer, although there are so far no details of how this will work.

SBM’s acquisition is being carried out through its Luxembourg subsidiary, Monte-Carlo SBM International sarl. No details of the size of SBM’s investment have been released.