Monte Carlo SBM may invest in London.
Reports at the end of last week say that the Societe des Bains de Mer (SBM) may bid for the In and Out Club on London's Piccadilly. The property is for sale at an estimated £250 million, and SBM's CEO Bernard Lambert has said he's "very interested" in it. Having stood empty for the past few years, the venue was put on the market last October, after its current owner experienced some financial difficulties. If the Monaco based group's bid goes ahead, it will be in keeping with its stated overseas expansion plans to create hotels and venues in major European cities, as well as New York.
Monte Carlo SBM's iconic casino
In an interview just before Christmas, Lambert confirmed SBM's desire to expand internationally. At the beginning of November 2009, Prince Albert laid the first stone at the Jawhar complex, a 14 hectares luxury development in Marrakech, Morocco, SBM's first establishment outside Monaco. With a hotel and private villas, the resort will be operational at the end of 2011. It's being financed and developed by Aerium Atlas Management, which has signed a management agreement with SBM.
Several of SBM's projects within Monaco will come to fruition in 2010. Work on the Balmoral luxury apartments continues, as does the refurbishment of the Monte Carlo Beach Hotel, and the Hermitage Hotel should have completed its renovation of 150 rooms in time for the Grand Prix. The hill between the Cafe de Paris and the casino is to be re-paved, Buddha Bar will open in July, and after the Grand Prix, the casino will undergo major refurbishment. A decision will be made about building 2 extra floors on top of the Hotel de Paris, and plans will be finalized for the Sporting d'Hiver. The group is also awaiting official approval for work on some villas around the Sporting d'Ete.
All these improvements are not going to be slowed down by November's reports of a 28% drop in SBM's half-year financial results. In total, SBM registered a turnover of 240.8 million euros for the first 6 months of 2009-10. The group hopes to make gains in the second half of the year in online gambling, and from new Eastern European and Middle Eastern clients. Lambert says the company was prepared for the results, and is optimistic about the end of 2009, which saw a last minute surge in reservations for New Year's Eve celebrations. 3rd quarter results will be out at the beginning of February.