CS REF Hospitality sells Fairmont Le Montreux Palace
The real estate fund Credit Suisse Real Estate Fund Hospitality has sold the luxury hotel Fairmont Le Montreux Palace in Montreux.
According to Credit Suisse, the sale agreement for the five-star hotel was notarized on October 22, 2018, and the transfer of ownership will take place at the end of 2018. The sale price is "in line with the current market value," it adds. Credit Suisse did not provide details on the buyer.
The sale of the Fairmont Le Montreux Palace had already been announced a good two years ago. At the time, it said negotiations were underway and the transaction was expected to close in 2017.
With the sale of the hotel, the hotel ratio of CS REF Hospitality will be reduced, and the leverage ratio will also currently fall to below 26 percent of market values, Credit Suisse further announces. An increase in the distribution from CHF 3.10 to CHF 3.30 per unit certificate is envisaged.
The Fairmont Le Montreux Palace was built in 1906. It comprises 236 rooms and suites and is located on the shores of Lake Geneva. (ah)
