SBM Monaco: New One Monte-Carlo on the Terrasses du Casino
Petrini Exclusive Real Estate Monaco deciphers the real estate challenges of the Principality: between the relocation of the Edmond de Rothschild bank, the creation of a new "One Monte-Carlo" on the Terrasses du Casino, and the growing importance of real estate in the strategy of the Société des Bains de Mer, This article offers an in-depth analysis of the group's new orientations.
SBM Monaco: One Monte-Carlo 2 in the works?
The Principality of Monaco is a territory recognized worldwide for its security and its real estate market, which is among the most expensive on the planet. In this context, where each urban project is a strategic issue, the Société des Bains de Mer (SBM) occupies a leading position.
Today, SBM is continuing its real estate expansion with new large-scale projects. The group has announced that it wants to redevelop the area where the Edmond de Rothschild bank is located, between the Thermes Marins and the Hôtel de Paris, to make it an ultra-luxury residential and commercial complex. He nurtured the project of building a second " One Monte-Carlo " on the terraces of the Casino, thus strengthening the Principality's appeal to a demanding international clientele.
At the same time, several contextual elements – including a television interview on Monaco Info with Stéphane Valéry, SBM's Deputy Chairman, and an article published on 09/01/2025 in Monaco-Matin, entitled SBM hopes to build a new "One Monte-Carlo" on the terraces of the Casino in Monaco – shed light on the group's overall strategy: the growing weight of real estate in its turnover, the desire to relocate, the work schedule extending until 2027, etc.
This article aims to take stock of SBM's future real estate projects in Monaco
Relocation of the Edmond de Rothschild bank to the Maison Valentina building
For several decades, the Edmond de Rothschild bank has been located in a building next to the Hôtel de Paris, just above the Thermes Marins de Monaco. Although this location is privileged from a geographical point of view – in the heart of the Monte-Carlo district, in the immediate vicinity of the Casino and the Carré d'Or – SBM, which owns the premises, has chosen not to renew the bank's lease .
The SBM Deputy Chairman told Monaco Info in his recent interview about this notion of space optimisation:
"We have a growing demand for luxury residences and it is essential to make the most of our real estate portfolio." The SBM deputy chairman also stresses the need to "further develop our real estate assets, as they represent a growing share of our turnover".
From autumn 2026, the Edmond de Rothschild bank must complete its move to new offices, located in the Maison Valentina building, in La Condamine (Place d'Armes). This relocation is part of a broader dynamic of rebalancing, which sees the La Condamine district welcome new companies and gain in attractiveness.
According to the article in Monaco Matin
"First of all, the Edmond de Rothschild teams will have to be relocated to their new offices [...]. Their move is not scheduled until autumn 2026. »
This quote confirms the tight schedule and, at the same time, SBM's desire to start its future work as soon as the space is freed up.
A new "One Monte-Carlo bis" above the Thermes Marins
In 2019, SBM had already inaugurated One Monte-Carlo : a luxury complex located opposite the Casino, integrating residences, prestigious boutiques, restaurants and event spaces. The aim was to strengthen the attractiveness of the Principality by offering a "mixed" centre combining residential and commercial life.
Today, SBM wishes to repeat this architectural and economic success by creating a new One Monte-Carlo, this time above the Thermes Marins, on the Terrasses du Casino. In his article, Cédric Verany reports these words of Stéphane Valéry: "The president-delegate envisions it as "a new One Monte-Carlo" with luxury residences, shops, one of the largest spas in Europe, the view of Port Hercule. »
Unlike the historic One Monte-Carlo, built opposite the Casino, this new project would be located to the south, overlooking :
-
Les Thermes Marins: an internationally renowned thalassotherapy and treatment establishment.
-
Port Hercules: Monaco's maritime lung, where luxury yachts and prestigious ships dock.
This geographical location should allow the creation of panoramic terraces offering a breathtaking view of the bay, the Yacht Club de Monaco and, further afield, the Mediterranean shore. The Monaco-Matin article also insists on SBM's desire to develop "one of the best spas in Europe", in order to expand and modernise the current offer of the Thermes Marins.
Real estate, a growth lever for SBM
Historically, SBM derived most of its revenue from the Casino de Monte-Carlo and luxury hotels (Hôtel de Paris, Hôtel Hermitage, Monte Carlo Bay, etc.). However, recently his strategy has increasingly included Monegasque luxury real estate. Its president told Monaco Info that real estate now represents "an increasingly growing share" of its turnover, more than 20%.
"We are the largest private employer in Monaco and real estate now occupies a strategic place for the company. »
– Excerpt from the interview with Stéphane Valéry
This shift can be explained by:
-
The scarcity of land in the Principality, which is causing the price per m² to skyrocket,
-
A strong international demand for very high standing residences,
-
The diversification wanted by SBM in order to depend less on revenues from games and hotels alone.
By creating a new One Monte-Carlo, SBM is capitalising on the notoriety of its "Monte-Carlo" brand, synonymous with glamour, success and refinement. This brand image appeals to visitors from all over the world as well as to investors looking for exceptional properties. The future residential and commercial complex, combined with a high-end spa, will reinforce the idea that Monaco remains the luxury destination par excellence, capable of competing with other prestigious hubs such as Dubai or Singapore.
Construction projects: timeline and challenges
SBM Monaco and its ambition to rebuild the Méridien at Larvotto
The same article in Monaco-Matin also recalls that SBM is a candidate for the reconstruction of the Méridien complex in Larvotto. Thus, the strategy of the Société des Bains de Mer is not limited to the Terrasses du Casino and the Rothschild banking area. On the contrary, it seems that the entire Monegasque coastline is affected by this desire for modernisation.
Stéphane Valéry explains: "The government has the file in hand, it will decide on the pace and the method. We are ready, we are competent, we have the financial means. This commitment illustrates SBM's ability to increase the number of projects, both in the Principality and internationally (Courchevel, Dubai, etc.), without neglecting the maintenance and extension of its real estate portfolio in Monaco.
SBM Monaco and the Courchevel project
Société des Bains de Mer (SBM) has made official the launch of the Monte-Carlo One - Courchevel hotel complex, marking a major step in its international development. Work will begin in May 2025 to transform the former Palace des Neiges, located in the prestigious Alpine Garden of Courchevel 1850, into a true luxury landmark. The objective is to deliver this exceptional establishment in time for the 2026/2027 winter season, thus offering the resort a new setting dedicated to excellence.
This project is part of SBM's strategy to develop the Monte-Carlo One - Hotels & Residences brand, a brand dedicated to hotels and prestigious residences internationally. Entrusted to the Swiss architectural firm Herzog & de Meuron, the transformation of the Palace des Neiges will include the elevation of the building with sloping roofs, the creation of spacious apartments, a high-end spa, a luxury ski room, and the integration of the most demanding environmental standards.
In a press release, SBM said that the Monte-Carlo One brand, already emblematic with its complex on the Place du Casino in Monaco, reflects "the expression of a new era: that of a singular vision of ultra-luxury, hospitality, gastronomy and exclusivity.
This ambition is also shared by the mayor of Courchevel, Jean-Yves Pachod, who welcomed the arrival of this project: "The establishment of the Monte-Carlo Société des Bains de Mer group in the resort is perfectly in line with Courchevel's spirit of excellence and refinement. We look forward to seeing this new establishment enrich the exceptional offer of our territory."
For Stéphane Valeri, SBM's Deputy Chairman, this project goes beyond a simple geographical expansion: "With Monte-Carlo One - Courchevel, we are deploying our strategy in an iconic resort that shares our values and caters to a common clientele. This address will position itself as the Alpine mirror of the Principality of Monaco." This opening will also mark the first time that SBM has operated a hotel outside Monaco, adding an international dimension to the brand's prestige, especially in view of the 2030 Winter Olympics, where Courchevel will play a key role.
By combining Monegasque elegance with alpine charm, Monte-Carlo One - Courchevel promises to redefine the standards of hospitality in high-end ski resorts. The synergies between SBM and this iconic destination will offer a unique experience, both for Monaco regulars and luxury lovers looking for new alpine experiences.
SBM Monaco and the Monte-Carlo One 2
As the Monaco-Matin article states, "The project is progressing slowly. We have time, the construction site will not start until the beginning of 2027. This sentence, attributed to Stéphane Valéry, sums up the extent of the preparatory operations required:
-
Relocating the Edmond de Rothschild bank : move to the Maison Valentina, in La Condamine, scheduled for autumn 2026,
-
Freeing up the spaces above the Thermes Marins,
-
Obtain authorisations from Monaco's Department of Public Works, the Environment and Urban Planning,
-
Finalise the architectural plan, entrusted to the Monegasque architect Patrick Raymond in collaboration with the Swiss firm Herzog & de Meuron (already working on an SBM project in Courchevel).
The Principality is subject to very strict building rules. Each building must adhere to a certain alignment, maximum height and landscape preservation standards. In the case of this future One Monte-Carlo, the challenge will be to succeed in:
-
Preserve the view from and to Port Hercule,
-
Keeping the Thermes Marins in operation during the construction phase,
-
Manage the tourist flows around the Casino and the Place du Casino, which welcome thousands of visitors every day.
The Société des Bains de Mer: a driving force for the Monegasque real estate market
The Société des Bains de Mer is entering a new phase of its development, in which real estate plays a central role. The development of a second One Monte-Carlo above the Thermes Marins, as well as ambitious projects such as the reconstruction of the Méridien, bear witness to this ambition for expansion.
For the Principality of Monaco, the impact will be significant: a strengthening of tourist attractiveness, direct support for the local economy, and an extension of the financial centre thanks to the arrival of new wealthy investors. Urbanly, these initiatives promise a major makeover of the Terrasses du Casino, highlighting a breathtaking view of Port Hercule and the Mediterranean Sea.
These projects also influence the luxury real estate market, which remains constantly on the rise thanks to sustained demand and Monaco's exceptional attractiveness. Our agency, Petrini Exclusive Real Estate Monaco, collaborates with SBM to offer exceptional properties for rent such as One Monte-Carlo, Balmoral, Monte-Carlo Bay, or the prestigious Sporting villas. These luxury homes attract an increasingly wealthy clientele, helping to boost the Monegasque economy and keep Monaco at the top of the international real estate markets.
The fact that new units are already under consideration demonstrates that the real estate market is still positive and growing. If you are looking for an exceptional apartment or a prestigious residence, our agency is your ideal partner. As experts in luxury real estate in Monaco, we put our expertise and strategic relationships at your service to assist you in the purchase or rental of your future property in the Principality.
