CS REF Hospitality sells Hotel Palace Lucerne
The real estate fund Credit Suisse Real Estate Fund Hospitality (CS REF Hospitality) is selling the Hotel Palace in Lucerne to the Chinese investor Yunfeng Gao.
Credit Suisse did not disclose the purchase price for the traditional five-star hotel with 129 rooms. According to a report by the New Lucerne Newspaperwhich became public a few days ago, Yunfeng Gao offered an amount in the double-digit millions. Other sources report a purchase price between CHF 40 and 60 million.
The transfer of ownership to the new owner took place on December 9, 2015, and the start date is December 31, 2015, Credit Suisse reports. The Victoria-Jungfrau Collection will continue to operate the hotel.
For the real estate fund CS REF Hospitality, the sale offers the opportunity to optimize the real estate portfolio and reduce the hotel share in the luxury segment, Credit Suisse writes in a media release. The new liquid funds are expected to reduce the leverage ratio and broaden the portfolio in terms of geographic distribution and types of use.
The fund's investment focus is on completed and long-term leased hospitality properties such as convention centers, student housing, hotels, residences and healthcare properties. (ah)
