Credit Suisse fund sells upmarket Swiss hotels at 'discount'

This post was originally published on this site

ZURICH (Reuters) – A Credit Suisse (S:) fund is selling several Swiss properties “at a slight discount,” including an egg-shaped hotel in Davos that has hosted U.S. President Donald Trump and U2 singer Bono during past World Economic Forum (WEF) events.

Swiss hotel and hospital operator Aevis Victoria (S:), whose holdings include the Victoria Jungfrau in Interlaken, said on Wednesday it has entered into an agreement with Credit Suisse Real Estate Fund Hospitality (S:) to acquire eight hotel properties with 640 rooms.

Aevis Victoria said the acquisitions bring the value of properties in its Swiss Hotel Properties SA subsidiary to nearly 500 million Swiss francs ($501 million), with rental income of more than 20 million francs.

The purchase price for the package that includes the InterContinental property in Davos was not given, though Aevis Victoria said it was “set at a slight discount from the market value as at 31 December 2018.”

The six-year-old, 216-room InterContinental hotel in Davos built for some $150 million is known as the “Golden Egg” due to its color and distinct oval shape and has been favoured by leaders and celebrities during the annual WEF meeting of business and political leaders.

Credit Suisse did not immediately give a reason for why the fund was selling the properties, which include the five-star Mont Cervin and Petit Cervin buildings beneath the 4,478 meter (14,692 foot) Matterhorn mountain in Zermatt.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Add Comment