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Prestige Swiss property - Credit Suisse wants to sell the Savoy Hotel on Paradeplatz in Zurich - News

Prestige Swiss property – Credit Suisse wants to sell the Savoy Hotel on Paradeplatz in Zurich – News

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The luxury property at the most expensive address in Switzerland is said to be worth around CHF400 million.

If you can build a house or even a hotel on field number 39 in the game “Monopoly” salon, you can consider yourself lucky. Paradeplatz in Zurich is the most expensive title in Switzerland – not only in the famous board game. Among other things, the main bank Credit Suisse owns real estate in Paradeplatz. This also includes the luxury Savoy Hotel, which is currently being renovated. CS now wants to sell this prestigious property.

CS urgently need money

“The bank has decided to initiate a sale of the Savoy Hotel,” a CS spokeswoman confirmed to AWP. The online portal “Inside Paradeplatz” first reported the sales plans. She estimates that the luxury property should be worth about CHF400 million.

The hotel is temporarily closed


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Caption:

Keystone / Stephen Schmidt

The Savoy has been closed since the beginning of the year for renovations and was supposed to reopen in 2024 under the new name Mandarin Oriental Savoy Zurich. After the conversion, the Mandarin Oriental Hotel Group will assume the position of operator.

With the sale of the hotel, Credit Suisse will give up one of his last big holdings in the bank’s portfolio. In recent years, the bank has already sold several other properties. This also includes the Üetlihof office complex at the foot of Üetliberg, where CS is still rented today.

It became difficult for the bank to get money.

Crisis-ridden CS is looking for money, says Manuel Ranch, business editor at SRF. Because the bank is about to have a major turmoil. Hundreds or even thousands of jobs will be cut. “It became difficult for the bank to get the money.”