CS REF Hospitality sells hotel portfolio
Credit Suisse fund CS REF Hospitality is selling a real estate package to Swiss Hospitality Properties, a subsidiary of Aevis Victoria.
According to a Credit Suisse statement, it is properties in alpine regions that CS REF Hospitality is selling to Swiss Hospitality Properties. The background is the repositioning of the fund.
The properties are the Hotel Intercontinental (without residences) at Baslerstrasse 9 in Davos Dorf, the Swiss Holiday Park in Morschach and the Welcome Hotel with staff houses A and B on Kantonsstrasse in Täsch.
In Zermatt, the fund is selling the Hotel Le Mont Cervin Palace at Bahnhofstrasse 31, Le Petit Cervin at Hofmattstrasse 12 and Villa Margherita at Bahnhofstrasse 29. The Seilerhaus sites D and E at Bahnhofstrasse 50, 52 in Zermatt are also being sold to the Aevis Victoria subsidiary.
The sale price is slightly below the fair values published as of December 31, 2018, Credit Suisse reports. There, for example, a market value of CHF 58.45 million is given for Le Mont Cervin Palace and a market value of CHF 77.05 million for Swiss Holiday Park.
The transfer of ownership will reportedly take place in January 2020. The sale of the property package is expected to reduce the hotel quota in the CS REF Hospitality portfolio to 38%, it added.
At the same time, the transaction completes the repositioning of the fund. Currently, possibilities of a reinvestment in suitable properties as well as a partial repayment of the realized sales proceeds are being examined, Credit Suisse said. (ah)
