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Credit Suisse fund sells upmarket Swiss hotels at 'discount'

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11/27/2019 | 03:00am EDT
FILE PHOTO: Logo of Swiss bank Credit Suisse is seen Zurich

A Credit Suisse fund is selling several Swiss properties "at a slight discount," including an egg-shaped hotel in Davos that has hosted U.S. President Donald Trump and U2 singer Bono during past World Economic Forum (WEF) events.

Swiss hotel and hospital operator Aevis Victoria, whose holdings include the Victoria Jungfrau in Interlaken, said on Wednesday it has entered into an agreement with Credit Suisse Real Estate Fund Hospitality to acquire eight hotel properties with 640 rooms.

Aevis Victoria said the acquisitions bring the value of properties in its Swiss Hotel Properties SA subsidiary to nearly 500 million Swiss francs (390.49 million pounds), with rental income of more than 20 million francs.

The purchase price for the package that includes the InterContinental property in Davos was not given, though Aevis Victoria said it was "set at a slight discount from the market value as at 31 December 2018."

The six-year-old, 216-room InterContinental hotel in Davos built for some $150 million is known as the "Golden Egg" due to its colour and distinct oval shape and has been favoured by leaders and celebrities during the annual WEF meeting of business and political leaders.

Credit Suisse did not immediately give a reason for why the fund was selling the properties, which include the five-star Mont Cervin and Petit Cervin buildings beneath the 4,478 metre (14,692 foot) Matterhorn mountain in Zermatt.

(Reporting by John Miller; editing by Jason Neely)

Stocks mentioned in the article
ChangeLast1st jan.
AEVIS VICTORIA SA 0.00% 12.7 Delayed Quote.-9.29%
CREDIT SUISSE GROUP AG -0.33% 9.062 Delayed Quote.-30.77%
DEERE & COMPANY -0.78% 220.18 Delayed Quote.27.08%
HOTEL PROPERTIES LIMITED 2.46% 2.92 End-of-day quote.-24.16%
JASON CO., LTD. 4.00% 937 End-of-day quote.157.42%
LETS HOLDINGS GROUP CO., LTD. -1.86% 10 End-of-day quote.65.56%
LOOK HOLDINGS INCORPORATED -0.59% 846 End-of-day quote.-32.43%
SWISS RE LTD 0.15% 68.68 Delayed Quote.-36.98%
WORLD CO., LTD. 0.48% 1475 End-of-day quote.-45.19%
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