A real estate fund of Credit Suisse has decided to reposition its holdings and will shed a number of hotels. One of the properties is a spectacular landmark in the Swiss alps.
Visitors of the World Economic Forum have become accustomed to the sight of a golden egg-shaped building to their left when travelling to Davos. The building belongs to the Credit Suisse Real Estate Fund Hospitality, which has now decided to get rid of the spectacular property, which houses the Hotel Intercontinental.
The fund has signed an agreement with Aevis Victoria, a company that runs a string of luxury hotels, the bank said in a statement on Wednesday. The agreement covers the transfer of a group of hotels currently held by the hospitality fund of Credit Suisse. The transaction will be concluded in January 2020 and will reduce the ratio of hotel properties in the fund to about 38 percent.
Spectacular Headache Included
The hotel in Davos not only became famous for its special design, but because it had to file for bankruptcy after only half a year in 2014. The Credit Suisse property fund was caught up in the middle of the failure.
The deal announced by the bank today includes four properties in Zermatt, among them the hotels Le Mont Cervin Palace and Le Petit Cervin.
