Zurich: UBS sells Hotel Widder to Swiss Life
The major bank UBS is divesting a portfolio of properties in Zurich. It is selling the Widder Hotel at Rennweg 7 and the properties at Augustinerhof 1, Augustinergasse 15 and 20, and Widdergasse 10. The buyer is Swiss Life.
According to UBS, the background to the transaction is the upcoming reopening of its headquarters at Bahnhofstrasse 45, where additional space is being created. The Widder Hotel will therefore no longer be needed as an alternative location for meetings and seminars.
Hotel Widder AG - the operating company of the hotel and all catering operations - will be taken over by IHAG Holding in Zurich, UBS announced. It will lease the hotel property from Swiss Life on a long-term basis and will continue to operate the well-known five-star hotel within its group "The Living Circle" with the existing management and employees.
Ulrich Körner, member of the Group Executive Board of UBS Group and Chairman of the Board of Directors of Widder Hotel AG, said that the company had been in talks with various investors since the beginning of the year. After a structured sales process, the choice fell on Swiss Life and IHAG. The parties have agreed not to disclose the sale price. (ah)
