Dubai-Based FIVE Holdings Acquires Iconic Hotel Atlantis in Zurich from Qatari Owners

Main Photo: The Hotel Atlantis

Date: September 2020

Location: 10 Minutes from City-Centre, Zurich, Switzerland…at the edge of the Uetliberg Mountain

Names: Hotel Atlantis

No. of Keys: 95

Seller: The hotel was one of five hotels, operated by the Giardino Group, and was owned by Neue Hotel Atlantis AG. Dr. Issa Ghanem Al Kawari, a Qatari national, is the chairman of the board of directors of Neue Hotel Atlantis AG, while the other board members are Carl Louis Heggli, and Dr. Alexander Wyss, according to the company documents, reviewed by AnalyzeMarkets.

Buyer: FIVE Hotels & Resorts group, a hospitality division of Dubai-based real estate group FIVE Holdings, has acquired Hotel Atlantis in Zurich, Switzerland, for an undisclosed purchase price.

Representatives of FIVE Holdings didn’t immediately respond to AnalyzeMarkets’ request for comment. The Qatari owners were seeking circa CHF 165mn for the five-star hotel.

The luxury hotel was shut down before the transaction due to the challenges caused by the pandemic. Now, the hotel is expected to open in the summer 2021. The Hotel was built in 1970 and last renovated in 2015.

The acquisition is part of FIVE Holdings strategy to expand to Europe. They currently own the 470-room FIVE Palm Jumeirah and the FIVE Jumeirah Village Hotel.

CBRE advised the vendor on this transaction, while Baker McKenzie acted as a legal counsel.

THPT Comment: Good move by FIVE…be interested as to whether Neue Hotel will hold onto the other four hotels, in Ascona, Locarno, Silvaplana and St. Moritz…all in Switzerland.

First Seen: AnalyzeMarkets

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