Subscribe Login
Hotel

Credit Suisse Looks To Sell Zurich's Savoy Hotel

By Dave Simpson

Beleaguered bank Credit Suisse is looking to sell its famed Savoy Hotel, located on Paradeplatz in the centre of Zurich's financial district, it said on Thursday 6 September.

Details

The Swiss bank regularly reviews its property portfolio as part of its global real-estate strategy, a spokesperson said.

"As part of this process, the bank has decided to start a sales process for the Hotel Savoy," she said. "We will carefully assess all offers and potential investors and communicate any decision in due course."

Get a FREE Digital Subscription!

Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our Terms & Conditions and Privacy Policy

The almost 200-year-old hotel closed this year to undergo a major refurbishment and will reopen in 2024 as the Hotel Mandarin Oriental Savoy Zurich.

The finance blog Inside Paradeplatz, which first reported the news, reported the building could be worth 400 million Swiss francs ($408 million).

Credit Suisse has had to raise capital, halt share buybacks, cut its dividend and revamp management after losing more than $5 billion from the collapse of investment firm Archegos in March 2021, when it also had to suspend client funds linked to failed financier Greensill.

Bid To Return To Profitability

It has been working on possible asset and business sales in a bid to return to profitability. A source familiar with the situation said the sale had nothing to do with a strategic review due to be presented on 27 October.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

Enjoy a FREE Digital Subscription
Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Enjoy a FREE Digital Subscription
Enjoy a FREE Digital Subscription
Enjoy full access to Hospitality Ireland, our weekly email news digest, all website and app content, and every digital issue.
Enjoy a FREE Digital Subscription