Few sites in Monaco carry the symbolic weight of the terraces below Place du Casino. Between the Hôtel de Paris and the Hôtel Hermitage, the Thermes Marins Monte-Carlo has long been SBM’s flagship wellness address. The group will now demolish it, along with its neighbour, to make way for a complex of around 13,000 m².
Monte-Carlo Société des Bains de Mer calls the project Thermes-Terrasses. It brings together a new spa, luxury boutiques, prestige apartments and offices. Three levels of underground parking will sit beneath a planted public forecourt. Works are due to begin in autumn 2027, and delivery is expected in 2031 or 2032.
Today’s Thermes Marins Monte-Carlo spans some 7,000 m², according to SBM, with a seawater pool overlooking the port. Even so, President-Delegate Stéphane Valeri told shareholders that the facility is ageing. Competition in European wellness, he added, has become fierce. In his view, guests of SBM’s palaces expect the best available, and the current building can no longer provide it.
Valeri also pointed to spa-driven tourism at competing Swiss resorts as evidence of what a modern offer can earn. The calendar plays a role too. Valeri has presented a rebuilt spa as a way to lift hotel occupancy in autumn and winter. He made that case in an earlier interview with L’Observateur de Monaco. For residents, the project extends a wellness offer that already reaches into specialist medicine. Our guide to healthcare and longevity in Monaco covers that side in detail.
The new building will absorb the existing Thermes and the adjacent “Terrasses” building of about 3,500 m². Edmond de Rothschild vacated it for Maison Valentina, the bank’s new headquarters on Avenue Prince Pierre in La Condamine. According to Monaco Hebdo’s account of the shareholders’ meeting, the programme is organised as follows.
Together, these components account for the full 13,000 m². The apartments occupy the most prized position, between the avenue and the harbour.
At ground level, a planted forecourt will open to the public. Walkers climbing from Port Hercule and Avenue d’Ostende will reach the Opéra de Monte-Carlo through a garden. Valeri admitted that the board debated the depth of excavation, since every extra level adds cost and time. It chose the maximum of three.
SBM has not yet released architectural renderings of Thermes-Terrasses. Until the group presents its plans, any illustration in circulation should be read as indicative at best.
After extensive discussions with the Government, SBM’s next step is to file the permis de construire. The process is set out in our guide to Monaco’s building-control framework. Construction should then take around four and a half years. Valeri called 2031 a slightly risky target and acknowledged that delivery could slip to 2032.
The interim is already organised for clients of the Thermes Marins Monte-Carlo. Guests will use the spa, gym and pool of the Hôtel de Paris instead. Its pool will be covered for autumn and winter. The Hermitage has neither a pool nor a spa of its own. Works therefore begin in November 2026 on a terrace above the IM2S sports medicine institute. The aim is to deliver a pool, spa and gym there before the Thermes close. Valeri has not ruled out keeping that facility permanently.
Meanwhile, all permanent staff of the Thermes Marins will move to other roles within the group during the works.
New residential floor area in the Carré d’Or is exceptionally rare. Apartments that face both the Casino axis and the harbour are rarer still. SBM leases rather than sells at One Monte-Carlo, on the other side of Place du Casino. If the group follows the same model here, the new apartments will enter the top tier of the rental market. The district’s sales inventory would remain untouched.
The more immediate effect is the construction period. From autumn 2027, one of Monaco’s most visible sites becomes a deep excavation for several years. Residents along Avenue de Monte-Carlo should plan for the disruption. The finished scheme, however, replaces surface parking with a public garden and adds a new luxury frontage to the avenue. Over the longer term, both changes add to the standing of the address.
For buyers weighing an acquisition within sight of the terraces, timing matters. Our guide to off-market real estate in Monaco explains how the best-placed apartments change hands early. In most cases, that happens before the wider market prices in a change of this scale.
Baldo Realty Group tracks every major project in the Carré d’Or from planning to delivery. Contact our team for a confidential view of what is available around Place du Casino today, on and off the market.