Credit Suisse sells portfolio of eight Swiss hotels to Aevis Victoria

Main Photo: The InterContinental Davos

Date: December 2019

Location: Davos, Interlaken, Zermatt, Taesch and Morschach in Switzerland

Name: Various names, including the InterContinental Davos

No. of Keys: 640

Seller: Credit Suisse Real Estate Fund Hospitality, who invests mainly in hospitality properties. Specifically, they include convention centres, residential properties offering hotel-style services, hotels, residential- and temporary-living facilities, health care real estate, and residential real estate throughout Switzerland.

By law, the fund is prohibited from holding a stake in operating companies. The fund holds the real estate directly. Holders of unit certificates who are resident in Switzerland are therefore not subject to income/wealth tax on the portion of the income/wealth that comes from direct property holdings. The CS REF Hospitality has been listed on SIX Swiss Exchange since 2012.

Buyer: Aevis Victoria, a Swiss investment fund whose holdings include the Victoria Jungfrau hotel in Interlaken, Switzerland, has entered into an agreement to acquire a portfolio of eight Swiss hotels from Credit Suisse. The 640-room portfolio includes the InterContinental Davos, the Mont Cervin Palace, Petit Cervin and Villa Margherita hotels in Zermatt, the Welcome Hotel in Taesch and the Swiss Holiday Park in Morschach.

Price: Around CHF 225m

Price per Key: Around CHF 325,000

THPT Comment: Hot on the heels of last month’s deal, with Seiler & Partenaires Holding SA, Aevis Europe are motoring ahead…

First Seen: Aevis Europe website

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