Pictet Alternative Advisors (PAA), who is part of the Pictet Group, the alternative investment arm of the Pictet Group, has acquired the Zurich Marriott Hotel through its direct real estate fund Elevation II. According to a statement released on Thursday, the transaction was completed alongside operating partner Vertell Asset Management. Financial terms were not disclosed.

The five-star property features 266 rooms and occupies a prime location on the banks of the Limmat River, within walking distance of Zurich’s main railway station and historic city center. Marriott International will continue to operate the hotel.

A Bet on Zurich’s Hotel Market

With the acquisition, Pictet is targeting a market that continues to benefit from rising visitor numbers and constrained supply. According to the firm, tourist arrivals in Zurich have surpassed pre-pandemic levels, while hotel capacity in the city center has expanded by just 0.5 percent over the past decade.

In the luxury and upper-upscale segments, revenue per available room (RevPAR) increased by more than 10 percent in 2025 compared with the previous year.

The Zurich Marriott Hotel also offers approximately 2,100 square meters of event space, making it the largest conference and meeting venue among five-star hotels in downtown Zurich.

Expanding a Swiss Real Estate Portfolio

The hotel’s public areas and food-and-beverage facilities have already undergone extensive refurbishment. Ongoing room renovations will continue under the new ownership to ensure the property maintains its five-star standards over the long term.

“We are delighted to add this exceptional Zurich property to our portfolio,” said Zsolt Kohalmi, Global Head of Real Estate and Deputy CEO of Pictet Alternative Advisors. He described Switzerland as a home market for Pictet, where the firm intends to continue expanding its real estate holdings. The acquisition also builds on Pictet’s track record of investing in luxury hotels and branded residences.

Roman Lochowski, Principal and Deal Execution Lead for Direct Real Estate at Pictet Alternative Advisors, highlighted the attractiveness of the market. “The Swiss real estate market, and the hospitality sector in particular, remains strategically important to us over the long term,” he said. Growing investor interest in safe-haven assets located in politically and economically stable jurisdictions has further reinforced that view.

As of the end of 2025, Pictet Alternative Advisors managed approximately $54 billion in alternative assets, including roughly $5 billion in real estate investments.