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French resorts set for renovation
Wednesday July 3, 2013 - Email this article to a friend

A new company has been formed to improve the accommodation in some of the older French resorts. Some is deemed of such poor quality it is not suitable for the modern market.

The aim is to make the run down and old properties suitable for the skiers and snowboarders of the 21st century.

Much of it was built decades ago and some has been taken off the market as it is does not meet modern day standards and requirements.

The first resorts to benefit will be La Plagne, Les Arcs, Les Menuires, Les Deux-Alpes and Serre Chevalier over a target period of 4 to 5 years.

500 apartments will be renovated and €72m has been earmarked for the project.

The new company, Foncière Rénovation Montagne, has been formed by a consortium of French property owners in ski resorts and financial institutions that include Caisse des Dépôts, Banque Populaire des Alpes, Caisse d'Epargne Rhône Alpes and Crédit Agricole des Savoie.

This real estate company will invest in local property companies in ski resorts.

1% to 3% of beds leave the market each year and this creates a need to renew 20% of the accommodation every 10 years.

The renovated accommodations will then be put back on the rental market and sold under rental management contracts.

It is also hoped the initiative will encourage other property owners to upgrade their accommodation.

"Resorts' activity is highly dependent on being able to offer abundant and attractive tourist accommodations. However, when faced with a reduced and aging offering of lodgings, new construction - when still possible - alone cannot suffice. Renovating and managing older leisure buildings to increase occupancy during the tourist season have become critical for the future of these resorts. Both elected officials from winter sports resorts and local actors are mobilizing to tackle the issue," said a statement from Compagnie des Alpes.

It is the major French resort operator and is a main partner in Foncière Rénovation Montagne.

Additional reporting by Snow24

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