The golden halo effect of high-end hotels in the Alps
There’s been a flurry of new five-star hotels opening in wealthy Alpine resorts. What does that mean for properties nearby?
Since the pandemic, the Alps have blossomed into a dual-season destination. The spruce-clad massifs and crystalline lakes offer refreshing relief from southern European heatwaves, persuading second homeowners from the Mediterranean, Asia and the Middle East to pivot northwards.
According to the 2024 Knight Frank Ski Report, the average price of a luxury ski chalet has increased by 17.4 per cent since the start of the pandemic, with the transition to hybrid working, the rise of the co-primary residence, and health and wellness all playing their part.
High end hospitality in classic Alpine resorts
But high-end hospitality is another factor. Facing the challenges of climate change and competition from emerging destinations, the classic Alpine resorts have invested and improved to attract wealthy buyers. This means a flurry of new five-star hotels that might catch the eye of a Moncler-clad arrival into Courchevel Altiport or Verbier.
Knight Frank’s Roddy Aris looks after Paris and the French Alps. “We’ve seen a knock-on effect across pockets of the Alps – a sort of golden ripple – when a new stand-out hotel opens that offers a new level of refinement,” he says. “In a pattern repeated across locations like Ibiza or Mykonos, this leads to a visitor deciding they want to rent a luxury chalet (or villa) next time they visit, at which point they then decide to buy one of their own.”
Courchevel 1850
Aris points to Courchevel 1850, with five Palace (exceptional five-star) hotels, 16 five-star hotels, seven Michelin-starred restaurants and more designer shops than you can shake a ski pole at.
The price of a ski chalet in a prime location at the resort is a heady €29,000 to €30,500 per sq m, according to the Ski Report, though can hit €50,000. Many of the best chalets are fully staffed bijou hotels with swimming pools, nightclubs and wellness suites.
Megève and Val d’Isère
Other examples of this trend are Megève – now home to the Four Seasons Hotel – and Val d’Isère, the high-altitude resort with five-star hotels including Airelles, the Hotel Le Blizzard and Le K2 Chogori. “Lots of Courchevel 1850 buyers are now heading to Val d’Isère,” adds Aris. “Prices have increased so much over 10 years they are now also achieving €50,000 per sq m.” Note, the average for prime chalets is between €22,000 to €23,100.
Villars
In the Swiss Alps, this ripple effect is also at play, says Alex Koch de Gooreynd of Knight Frank’s Swiss desk. He points to the revival of Villars with the newly renovated Palace hotel, and the smartened-up Victoria and VIU four-star hotels. “We attribute the popularity of apartments at the Hedonia Residence Alpine to the fact that buyers felt confident to invest in a resort visibly being upgraded.” In Villars, prime chalets cost from €14,800 to €15,600 per sq m.
Crans-Montana and Andermatt
While the arrival of the hip W brand to Verbier reinforced its reputation as the ‘ski-hard, party-harder’ resort, the fortunes of Crans-Montana and Andermatt have also been transformed. The Crans Ambassador, the Chetzeron and the Six Senses uber-luxury hotels have all given confidence to buyers in Crans-Montana; a feeling further affirmed by its acquisition by North American operator, Vail Resorts. Expect to pay €14,300 to €15,100 per sq m for a chalet here.
Meanwhile in Andermatt, the arrival of the five-star Chedi Hotel – alongside other investments by Orascom Development and also Vail Resorts – has similarly put the small mountain village near Zurich on the radar of international buyers seeking a Swiss bolthole. Prices have edged past Méribel and Chamonix in the Ski Property Index, with an average price of €18,700 per sq m.
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