The Renovation of the Montreux Music and Convention Center – 2m2c and the Region’s Hospitality Economy | Promove
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The Renovation of the Montreux Music and Convention Center – 2m2c and the Region’s Hospitality Economy

2m2c

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Progress report

The renovation project of the 2m2c is a major economic challenge for the hospitality industry in the entire region, as well as for its many subcontractors, suppliers, and partners. The “Montreux” brand reputation is closely related to the international events that take place inside the building, and is a key element for the surrounding international schools and private clinics.

Given this impact, in terms of tax revenue and employment, Promove has been involved for several years on this project as an intermediary with the business sector. In 2018, the development of the financing plan, in partnership with CCM SA (the operating company), was one of Promove’s major assignments, given the extraordinary amounts of time invested.

As the regional LADE point of contact, Promove was in charge of preparing, presenting, and defending the request for a cantonal contribution of CHF 17 million (later brought down to 15, thanks to pledges received in the meanwhile). The canton agreed in January to 2019 to contribute as follows: 13,3 million CHF in interest-free loans + 1,7 million CHF in non-repayable grants.

Promove’s role:

  • Collaborating with the project, especially establishing a financing plan
  • LADE financing