Credit Suisse has confirmed it is looking to sell its iconic Savoy Hotel, located on Paradeplatz in the centre of Zurich’s financial district.
The under-fire Swiss bank made the decision to sell the almost 200-year-old hotel as part of a review of its property portfolio and global real-estate strategy.
“As part of this process, the bank has decided to start a sales process for the Hotel Savoy,” a spokesperson for Credit Suisse said. “We will carefully assess all offers and potential investors and communicate any decision in due course.”
The Savoy closed this year to undergo a major refurbishment and will reopen in 2024 as the Hotel Mandarin Oriental Savoy Zurich.
Credit Suisse has had to take a number of remedial measures after losing more than $5 billion from the collapse of investment firm Archegos in March 2021, including ending share buybacks and cutting dividend payments. The bank also had to suspend client funds linked to failed financier Greensill.
It has been working on possible asset and business sales in a bid to return to profitability. It is believed that the Savoy Hotel could be worth as much as 400 million Swiss francs ($408 million).