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What deployment strategy for the Côte d’Azur Tourism Fund?

Nine months after its launch, the Fonds Tourisme Côte d’Azur is off to a promising start. Four initial investments have been finalized for a total amount of nearly 4.5 million euros. In 2022, the objective is to conclude about fifteen others, for a total amount of 18 to 20 million euros, in order to support the dynamism and the capacity of resilience of an industry strongly shaken by the crisis. , through the co-financing of differentiating projects. The aim is to increase the attractiveness of the Côte d’Azur and to develop new tourist uses. All of this, of course, in a more socially responsible context, more respectful of the environment.

Project leaders from outside the territory

A contract fulfilled by the first winning projects of the fund operated by the management company M-Capital and whose development is orchestrated by Laetitia Estrosi-Schramm. “These are promising projects for the territory of the Alpes-Maritimes and the Var, partly linked to ecotourism and incorporating ESG standards“, namely the Environmental, Social and Good Governance criteria which preside over so-called responsible financing. Another common point, all are carried by groups exogenous to the territory, a sign that “thehe Côte d’Azur and its assets remain highly attractive“.

Among them, the groups Origyn, Koawa Vacances and Loulou. The former, leader in the hotel and catering industry on Reunion Island under the Exsel Authentic Hotel brand, is making its first hotel foray into mainland France with the acquisition of the Relais et Château affiliated hotel, Le Saint-Paul , in Saint-Paul de Vence, which will need to be renovated and repositioned in terms of catering. A project of 5.5 million euros, financed by the Fonds Tourisme Côte d’Azur to the tune of 1.7 million euros, which should call for others since the group “aims to build a small hotel portfolio in our area“. The second specializes in outdoor accommodation, a “solid and buoyant segment which has been able to renew itself and come out on top of the crisis“, analyzes the director of the fund. Who therefore accompanies him to the tune of 1.1 million euros in the acquisition and upgrading of the Lou Cantaire campsite, located in Fayence in the Var. The third, him, is positioned in the restaurant sector, with establishments in Paris (within the Musée des Arts Décoratifs), Ramatuelle and Val-d’Isère.The fund granted it a budget of nearly 1 million euros for its a waterfront restaurant project in Roquebrune-Cap-Martin As for the fourth project, called Allin, it is led by two former tennis champions, Jo-Wilfried Tsonga and Thierry Ascione, and falls within the field of sport-leisure activities with the establishment in Villeneuve-Loubet, in the Alpes-Maritimes, of a high-level tennis academy.The last phase of work financed by the Fonds Tourisme Côte d’Azur represents 700,000 euros out of a total of 4 million euros of investment.

Expand the sector to wine tourism and perfumery

However, the exogeneity of the projects financed by the Fonds Tourisme Côte d’Azur to date should not be seen as a sign of a weakness of local projects. On the contrary, assures Laetitia Estrosi-Schramm. “Many are in the pipeline and we hope to accompany some of them very soon.“. In the lot, pell-mell, we find logically the hotel industry, a strong characteristic of the territory, which files seek to diversify with economic offers where the lifestyle youth hostel holds a good place. “We are also studying two very attractive projects, event-oriented, in Hyères and Grasse, as well as a training school for tourism and hotel trades, in Saint-Raphaël.“. However, specifies the director, “the essence of this fund is to take into account relatively broad tourism sub-sectors, characteristic of our area, such as perfumery, boating, wine tourism or even the mountain economy“.

In this regard, in terms of wine tourism, “we note a real dynamism in the projects, due in particular to the delay taken by our territory on this subject compared to other regions such as Aquitaine and Burgundy, also due to the awareness of independent owners of the potential to be develop in a context of acquisition of domains by large groups or family offices“. On the other hand, continues the director of development, the perfumery segment turns out to be “more difficult“to penetrate.”When we talk about tourism and perfume, we immediately think of the three big names: Molinard, Fragonard and Galimard. However, we wish to extend our investments to the perfumery sector in general, that is to say to subcontractors and small producers, since it is the whole of the sector which makes Grasse shine and becomes an almost essential when you are a tourist on the Côte d’Azur.

Power up

Finally, the Côte d’Azur Tourism Fund is also intended to finance public and semi-public projects carried out by local authorities, mixed syndicates or savings companies. “It is a question of bringing flexibility with financial instruments which the local authorities lack today, which receive less and less endowments and must therefore seek alternative financing.“, she explains. Longer to set up, but structuring projects, which the Fund endowed with 45 million euros hopes to inaugurate this year. In the meantime, it is organizing its ramp-up since a second closing is planned in June 2022, with the objective of reaching a size of 55 million euros.The new investors will join those of the first hour that are the Caisse d’Epargne Côte d’Azur, the European Investment Bank, the Métropole Nice Côte d’Azur and the CCI Nice Côte d’Azur.