The Court of Appeal of LYON Confirms That Sellers Cannot Shift the Risk Entirely onto the Operator
Written by, Séphora Amsellem on February 20, 2026
The Court of Appeal of LYON confirmed that a seller involved in a tourist residence investment scheme cannot escape liability by arguing that the difficulties encountered by investors fall exclusively within the responsibility of the residence operator.
The case concerned the purchase of units within a tourist residence operated under a commercial lease structure. Following the investment, the buyers experienced significant difficulties linked to the operation of the residence and to the profitability of the investment.
The seller argued that the alleged losses resulted solely from the operator’s failures and from the performance of the commercial lease, meaning that the seller itself could not be held liable.
The Court of Appeal of LYON rejected that argument.
The Court recalled that a seller may still incur liability where the marketing of the investment, the information provided to purchasers or the overall structure of the transaction itself is at issue. The mere existence of an operator within the scheme does not automatically transfer the entire economic risk onto that operator.
This decision is particularly important in the managed property investment sector, where many schemes were marketed on the basis of the apparent security of the commercial lease and the supposed stability of the rental income.
The ruling confirms that the presence of an operator does not constitute a protective shield allowing the seller to avoid its own obligations towards investors.