Economic challenges of the renovation of the 2m2c | Promove
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Economic challenges of the renovation of the 2m2c


Progress report

In 2019, Promove was involved in this project as regional LADE point of contact, having been tasked since the spring of 2018 with preparing, presenting and backing the request for a cantonal contribution of CHF 15 million: CHF 1.7 million in the form of a non-repayable grant and a CHF 13.3 million interest-free loan, in other words the largest LADE funding under “Regional Economy” since the law came into effect.  After negotiations involving all parties concerned (Council of State, Municipality of Montreux, CCM SA and Promove), the subsidy was granted by the canton in January.

As part of the process of popular voting, Promove participated in the event entitled Avenir 2m2c, in order to provide factual information regarding the entire value chain, of which the Convention Centre is the key component.  Finally, following the population’s negative vote in February 2019, Promove carried out a study of the economic impact of the hospitality sector in Montreux in order to illustrate the importance of the project and to find a solution to the impasse.  This study enabled us to identify a total wage bill of CHF 50 million, with over 40% of employees living in the municipality.  Annual spending with suppliers and contractors is valued at CHF 35 million, to which can be added more than CHF 5 million per year on general maintenance expenses to artisans. 

Promove’s role:

  • Collaboration on the project, particularly in setting up the financial plan
  • LADE financing