SBM prepares two projects in Monaco: three floors of residences at Monte-Carlo Bay and rebuilt Thermes Marins

The Société des Bains de Mer is coming off a record-breaking financial year and reinvesting it in real estate. The Monegasque group, owner of Hôtel de Paris, Hôtel Hermitage, Monte-Carlo Beach, and Monte-Carlo Bay, has unveiled its two upcoming projects: three floors of residences at the top of Monte-Carlo Bay and the complete reconstruction of Thermes Marins.

A record-breaking year

For the 2025/2026 financial year ending March 31, consolidated turnover reached 861.6 million euros, an increase of 12%. The hotel division accounted for 443.1 million euros (+11%), gaming generated 259.6 million (+20%), and rental income, around 160 million euros according to our calculations based on published figures, completed the total. Operating profit rose by 16% to 86.6 million euros. The strategy led by Stéphane Valeri, Deputy Chairman, has remained consistent since the renovation of Hôtel de Paris: moving upmarket and creating new residential spaces, which are the only ones whose rents are not capped by lease durations.

Three floors above Monte-Carlo Bay

Opened in 2005 on the Larvotto peninsula, Monte-Carlo Bay will complete the second phase of its room renovation in April 2026: 141 keys revamped in total, including 60 rooms, 12 junior suites, and two suites. The next project is vertical. SBM wants to add three floors of luxury residences to the top of the hotel, without altering the existing infrastructure. Discussions with the Princely Government are underway to obtain the necessary permits, with the stated objective of unveiling these new floors by 2030.

Rebuilt Thermes Marins

The second project concerns Thermes Marins Monte-Carlo, the wellness centre connecting Hôtel de Paris and Hôtel Hermitage above the port. The building will be entirely rebuilt starting in 2027, with approximately four and a half years of construction. The programme includes underground parking, new green spaces, a modern wellness centre, and about ten luxury residences spread across four levels. During the works, palace guests will be directed to the hotels’ spas.

Courchevel, Dubai, and the sea

Outside the Principality, SBM will open Monte-Carlo One in Courchevel for Christmas 2027, located in the former Palace des Neiges renovated in partnership with Vinci, just in time for the 2030 Winter Olympics. In Dubai, Monte-Carlo Club 1863 is now expected in 2027, and a Monte-Carlo branded casino is planned aboard a Crystal Cruises ship around 2030. Our reviews of Fairmont Monte Carlo and Hôtel de Paris highlight the standard of competition on the Rock.

Photos: © Monte-Carlo Société des Bains de Mer.