Rising Stone (Euronext Growth, ALRIS), a developer and builder of luxury real estate in the French Alps, announced two transactions on 7 September 2026 that strengthen its development portfolio. The first is a binding agreement to acquire an asset in the centre of Val d’Isère, representing a projected transaction value of more than €100 million. The second is an increase in its stake, from 34% to 64%, in the project company behind the Lac Bleu scheme in Méribel, which is taking the place of the former hotel of the same name.
Val d’Isère: a binding agreement on an exceptional asset
At its half-year trading update on 31 July 2026, the Group indicated it was in negotiations on several major assets in Val d’Isère. One of these has now been concluded: Rising Stone and the owner of the property in question have signed a binding letter of intent (LOI) for the acquisition of an asset located in the centre of the resort.
The future scheme is expected to represent a projected transaction value well in excess of €100 million, and would rank among the largest projects ever undertaken by the Group. The deal confirms the central role of Val d’Isère, alongside Courchevel, in Rising Stone’s development strategy across the most premium resorts of the Alpine arc. The resort has already seen several notable hotel transformations, such as Maison Roederer’s demolition-and-rebuild project for the Christiania [FLAG 1], or Experimental Group’s acquisition of L’Aigle des Neiges [FLAG 1].
Signature of the final deed of sale is expected in the coming months.
Lac Bleu, Méribel: from a historic hotel to a de-risked residential scheme
Rising Stone has also increased its stake from 34% to 64% in the project company behind the Lac Bleu scheme in Méribel. The scheme is taking the place of the former Le Lac Bleu hotel, at 1,600 metres altitude at the foot of the Hulotte piste, and comprises the new-build construction of 28 apartments across a total floor area of 4,050 sqm, for a total transaction value of €113 million.
The increased stake comes at an advanced stage of the scheme: the pre-sale rate stands at 75%, interior works are nearing completion, and delivery is scheduled for December 2026. By increasing its stake, the Group is raising its share of the returns from a scheme whose commercial success is already established, with a positive effect expected as early as the 2026 financial year.
Analysis — This transformation of a historic hotel asset into luxury residential property illustrates a dynamic already seen elsewhere in the Alpine resorts, where some operators are instead choosing to strengthen their hotel presence, as with Compagnie des Alpes’ move into MMV’s share capital [FLAG 1]. The premium resorts of the French Alps therefore remain an active battleground between hotel accommodation and luxury residential property.
A deliberate capital allocation discipline
Jean-Thomas Olano, founder and Chief Executive Officer of Rising Stone, said the two transactions reflected a single conviction: to concentrate the Group’s capital where it creates the most value. He stated that in Méribel, the Group is strengthening its position in a de-risked scheme just months from delivery, while in Val d’Isère, it is committing to an exceptional project in the town centre that is set to become one of the Group’s finest developments. He added that, a few months after its stock market listing, the Group continues to execute, step by step, the roadmap it presented to the market. [FLAG 2]
The transaction illustrates Rising Stone’s capital allocation discipline: prioritising investment in its own schemes at the point where the risk/return balance is most favourable for the Group and its shareholders.
Towards an Alpine portfolio beyond €1.1 billion
Once the Val d’Isère acquisition is completed, Rising Stone’s projected portfolio transaction value would exceed €1.1 billion, up from €1.035 billion as at 30 June 2026. Founded in 2016 by Jean-Thomas Olano and listed on Euronext Growth in February 2026, the Group holds a land bank of 15 property projects representing 335 chalets and apartments across more than 46,000 sqm, complemented by 3 third-party contracts. [FLAG 3]
The Group’s next financial milestones are set for 28 October 2026, for its 2026 half-year results, followed by January 2027 for its annual trading update.
At a glance by The Hospitality Tribune
Rising Stone advances two alpine deals in Val d’Isère and Méribel
Binding LOI signed for a luxury project in central Val d’Isère, valued above €100 million
Stake in Méribel’s Lac Bleu project raised from 34% to 64%, on the site of the former Le Lac Bleu hotel
Lac Bleu: 28 new apartments, 4,050 sqm, €113 million total value, 75% pre-sold, delivery December 2026
Group’s forecast portfolio value to exceed €1.1 billion once Val d’Isère deal closes, up from €1.035 billion (30 June 2026)
Rising Stone has been listed on Euronext Growth Paris since February 2026
