It’s no secret that the ski industry on Europe has been under threat for some time. The most recent data available, from 2015, showed single-day skier visits down 2.5 percent in France and 5.2 percent in Switzerland, while overnight stays in these two destinations have been on a steady downhill slope since 2004.
Both cost (equipment hire, flight, accommodation and currency fluctuations) and climate change have been blamed for the crisis but developers are trying to find ways to reach new clients and keep them coming back.
Money has been spent on infrastructure and reviving existing resorts, which, according to The Spectator, has “created a more nuanced class of real-estate investment is emerging, capable of generating tidy returns for the careful buyer”.
Enness International, a specialist, high-end lending division of Enness, which caters for clients looking to acquire or refinance overseas property, specifically those located in Monaco, France, The Balearics and Switzerland, has reported an increase in demand for ski chalet finance.
Managing Director Hugh Wade-Jones commented: “With winter firmly upon us, many of our clients are taking to the mountains of Europe to enjoy another season on the slopes. From Courchevel to Klosters, winter resorts remain as popular as ever – but with the best lodges and hotels getting booked up early, we’ve seen an increased demand from clients looking to purchase a place to call their own.”
Mr Wade-Jones, who along with his business partner Islay Robinson opened a Monaco office earlier this year, added, “Typically, our clients want to truly make the properties their own by either refurbishing or securing construction finance in the Alps.”
There are several key considerations for those trying to arrange construction finance in the Alps, Mr Wade-Jones pointed out, starting with ensuring the money you plan to spend is actually adding to the value of the property. “The project cost needs to be in line with the gross development value, or GDV. It’s more challenging to secure a large sum for a purely aesthetic overhaul, for example, if it isn’t going to significantly change the value of the property.”
And while any keen skier knows, location is key, Enness has noted an interesting trend in which valuations have been strong in areas that haven’t been showing a recent history of good snow. “For skiing resorts, this seems worrying. Megève hasn’t seen good snow for several years, but valuations are still coming back as positive. This is a risky game. Spots such as Courchevel 1850 and Meribel are far better bets.”
Timelines should reflect securing the right permits and securing development finance, which in the Alps can be a challenge for clients from a range of nationalities. However, the process of purchasing ski property can move quickly with the right lender, who can, in some cases, arrange finance for 100 percent of both the purchase and construction.
Another potential pitfall, said Mr Wade-Joes, is Assets Under Management (AUM) requirements. “Generally, you’ll need to place at least 25 percent of the global loan amount – the gross loan – as assets under management – for the duration of the facility. The entirety of this amount typically needs to be transferred on day one of the loan.”
This is an expectation Enness feels is important to manage. “Clients from the UK and America are often less accustomed to placing AUM, so this can be a sticking point,” explained Mr Wade-Jones. “However, while we have managed to negotiate lower rates of AUM for clients in the past, this will be a requirement from European lenders most of the time.”
Article first published November 16, 2017.
The Government announced that there will be further work carried out on the hot water supply at the Jardins d’Appoline complex, from Tuesday, December 12, at 10 pm until Wednesday at 5 am, and again from Wednesday night until Thursday morning, at the same times.
Cold water will be accessible as usual but hot water will not be available during these periods, and the hot water taps should not be used.
Residents have also been warned to run the hot water for a minute after the service has resumed to get rid of discolouration, although it is possible that some discolouration will last longer.
Most importantly, when the hot water is back in service it will be at a higher temperature initially, at about 55 degrees. Users are advised to open the hot water supply slowly at first, in order to avoid the danger of burns. All this necessary information and precautions should be passed on to children in the household.
The Government service responsible for the repairs has apologised for the inconvenience.
Haunted by the memory of Nijinsky, like many choreographers before him, Marco Goecke is back with a piece named after one of the 20th century’s greatest dancers.
Since its premiere in June 2016, the powerful biopic so beautifully performed by the Gauthier Dance Company has been met with standing ovations time and time again.
The Monaco Dance Forum will be showcasing the latest offering by a choreographer it has been following for over a decade now, and who was awarded its “Nijinsky Prize” for best emerging choreographer back in 2006.
Nijinsky will be performed on December 14 and 15 at the Salle Garnier of the Monte-Carlo Opera, starting at 8 pm.
On December 16 and 17, the Ballets will be performing Viva Momix Forever, a production of particular interest to a younger audience, at the Salle Prince Pierre at the Grimaldi Forum.
This was created in 2015 to celebrate Momix’s 35th anniversary, and it’s with a spectacular collection of his most iconic and significant choreographies that Moses Pendleton, charismatic Creator and Artistic Director of the company, intends to emphasise this fundamental goal.
Momix is a company of dancer-illusionists based in Washington, Connecticut, founded in 1981 by the well-known choreographer. The new performance is a mix of brilliant beautiful choreographies, new creations and masterpieces of the company’s history: from Momix Classics, Passion, Baseball, Opus Cactus, Lunar Sea, to the recent Botanica and the latest great success of Alchemia.
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A 26-year-old woman has been brought before the Monaco Criminal Court charged with causing damage to a Bentley to the value of €6,237. The car in question belonged to a financier with whom she had spent the evening drinking in the company of two other friends, the court was told.
When the party of four decided to visit Sass Cafe at the end of the evening, the car owner allowed his gaze to wander in the direction of two blonde customers, much to the chagrin of his female companion. Then, after the party left the bar, the man asked for a contribution to the drinks bill. Infuriated by what she perceived to be a double insult, the defendant seriously damaged the paintwork of the victim’s car by dragging a key along its body.
The defendant accepted that she caused the damage and was fined €500, suspended. However, she was ordered by the court to pay the cost of repairing the Bentley’s paintwork.
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Monaco’s Pavilion at the Astana EXPO-2017 in Kazakstan has exceeded all expectations.
The 100,000th visitor is expected at the Monaco Pavilion within a few days, following a total of 74,779 visits from the opening, on June 10, until July 10, a figure that represents an average of 2,500 visitors each day.
The EXPO’s theme is Energy of the Future, an area in which Monaco has demonstrated a great commitment and considerable expertise.
Yet little known by the Kazakhs, the Principality has aroused great interest among the public. According to the organiser of the EXPO, the Monegasque exhibition space is one of the top five pavilions measured in visitor numbers.