Qatar reportedly trying to sell Swiss hotels after Credit Suisse debacle
Qatar is reportedly looking to sell three luxury hotels it owns in Switzerland. The report on Zurich financial blog Inside Paradeplatz is unconfirmed but is already causing a stir among major investors, according to public broadcaster RTS.
This content was published on
2 minutes
RTS/jc
Español
es
Qatar intenta vender hoteles suizos tras la debacle de Credit Suisse
Inside External linkParadeplatzExternal link, which on Tuesday also published apparently related secret documents, says Qatar wants to sell the Royal Savoy in Lausanne, the Schweizerhof in Berne and the Bürgenstock hotel above Lake Lucerne. It is reportedly asking CHF300 million francs ($335 million) for the Lausanne hotel, CHF1.2 billion for the one above Lake Lucerne and CHF250 million for the one in Bern.
Most of Qatar’s investments in the luxury hotel sector are through Katara Hospitality, a wholly-owned subsidiary of the emirate’s sovereign wealth fund. Katara renovated the Royal Savoy at great expense (CHF100 million) in 2016, the Bürgenstock (CHF500 million) in 2017, and the Schweizerhof (CHF50 million) in 2011.
“Switzerland is a good market, a promising market. We want to invest in unique, historic and iconic properties,” Katara Hospitality managing director Hamad Abdulla Al-Mulla said in 2014.
The reported decision to sell comes just a few weeks after the emergency UBS takeover at a knockdown price of Credit Suisse, a bank in which Qatar had been a shareholder for 14 years. “The image of Switzerland has been damaged by Credit Suisse,” real estate consultant Yvan Schmidt told RTS on Tuesday evening. “Many shareholders were affected in a market where one of the qualities was security.”
According to Schmidt, the Swiss hotel industry remains a stable and interesting investment. Qatar also currently owns several shopping centres, conference centres and tourist attractions in Switzerland.
Popular Stories
More
Banking & Fintech
Luxury heir claims his CHF11 billion Hermès fortune has vanished
What can be done to protect biodiversity in your country?
Swiss voters are set to decide on a people’s initiative calling for better protection of ecosystems in the country. Have your say on the September 22 vote.
Swiss investigate four people linked to Russian oligarch
This content was published on
The Office of the Attorney General of Switzerland is investigating four individuals linked to Russian oligarch Suleyman Kerimov.
Swiss government scrambles to deal with egg shortage
This content was published on
From September 1, more eggs intended for consumption may be imported into Switzerland. In allowing this, the government wants to secure the supply of eggs for consumers.
This content was published on
Agricultural research sees new development opportunities for Swiss sparkling wines in the face of declining wine consumption. In a survey, half of consumers expressed a willingness to pay more for local products than for foreign ones.
Locarno spotlights filmmakers from South America and Caribbean
This content was published on
The Open Doors section of the Locarno Film Festival has named the winners for 2024. The spotlight is on the South American and Caribbean regions.
Storm paralyses trains to popular Swiss tourist resort
This content was published on
The railway line between Zweilütschinen and Grindelwald in central Switzerland is expected to remain closed until Friday following heavy rains.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss-Qatar relations in the shadow of the World Cup
This content was published on
Controversies surrounding the tournament have done little to deter the Swiss business and political elite from the glint of Qatari purchasing power.
This content was published on
But it remains to be seen whether the Swiss capital, which is better known as a political than a financial location, is big enough for two five-star hotels – the Bellevue Palace being the other. On April 16 the ribbon was cut on the lobby and bar, then the restaurant, and over the coming weeks…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.