Société des Bains de Mer has unveiled a slate of strategic projects set to reshape its luxury portfolio both in Monaco and abroad, including the vertical expansion of the Monte-Carlo Bay Hotel & Resort and a new opening in Dubai. The announcements were made by President-Delegate Stéphane Valeri on 19th September, following the company’s Ordinary General Meeting of Shareholders.
One of the most ambitious developments disclosed is the planned elevation of the Monte-Carlo Bay by four floors. In a departure from traditional hotel expansion, the project will focus on creating high-end residential apartments rather than additional rooms. According to Valeri, the construction can proceed without altering the building’s existing structure, and aims to meet rising demand for luxury living within the resort footprint.
This project joins the ongoing incremental renovation programme at the Bay and Hôtel Hermitage, which has already enabled SBM to increase room rates by up to 25% on upgraded keys. The strategy is part of a broader push to optimise existing assets before launching entirely new builds.
Global ambitions: Courchevel confirmed, Dubai on the horizon
International growth is also on the table. Valeri confirmed that SBM’s Courchevel development — at the former Palace of Snow site — has cleared planning stages and is now slated to open by the end of 2027. The 5,000-square-metre project will include two restaurants, a Monte-Carlo 1863 venue, a Grill, and a Jimmy’z, mirroring the group’s Monaco flagship brands. SBM estimates a potential capital gain of €20,000 per square metre, underlining the project’s long-term investment value.
Meanwhile, the Monte-Carlo 1863 concept is set for Dubai, though the launch date remains dependent on securing a “sufficiently prestigious” location. Valeri reaffirmed the group’s commitment to Monegasque and Mediterranean identity in its overseas ventures, which will be managed via a 50/50 joint venture with its existing partner, D.ream.
Café de Paris retail boost and the next wave of real estate
In Monaco, the reopened Café de Paris complex continues to lift rental revenues thanks to a near-zero vacancy rate and new leases. But Valeri acknowledged that SBM is now approaching the income ceiling of its current real estate portfolio.
To unlock new growth, the group is preparing a major long-term urban project known as ‘the Terrasses’, which will extend from the Thermes Marins Monte-Carlo to the site currently occupied by Edmond de Rothschild Bank. The mixed-use redevelopment will include modernised thermal facilities, new residences, offices, and retail, with construction likely to begin between late 2027 and early 2028.
A full calendar and a strong start to 2025/2026
With Q1 2025/2026 revenue already up 12% year-on-year, SBM is entering the new fiscal period on solid footing. Summer activity also rose by 7%, driven by growth across all sectors, particularly slot machine gaming, which offset declines in table games.
Looking ahead, the group has scheduled several high-profile events, including the Grand Prix de la Haute Joaillerie on 25th October, the Monte-Carlo Jazz Festival, and the Gala des Étoilés on 29th November, which will coincide with the resort’s annual illumination ceremony.
See also:
Monte-Carlo SBM posts record-breaking revenue, strong profits in latest fiscal report
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Photo source: MCSBM