Credit Suisse is looking to sell its Savoy Hotel Baur en Ville located in Zurich, Switzerland, according to Bloomberg and Reuters.
The historic hotel — opened in December 1838 by Austrian baker Johannes Baur — has been closed since the beginning of this year while under conversion to the Mandarin Oriental brand. The property is scheduled to reopen in mid-2024.
Swiss German-language website Inside Paradeplatz, which covers financial news, has reported that the investment bank has put a value of 400 million Swiss francs ($407 million) on the 104-room asset, or a value of approximately 3.8 million Swiss francs per key.
The value per key might be higher when Mandarin Oriental reopens it in 2024 with a reduced room count of 80.
If sold for that price, it would be one of the largest single-asset transactions finalized since before the COVID-19 pandemic.
Simone Meier, group media relations and head of issues management at Credit Suisse, said in a statement: “Credit Suisse reviews its property portfolio on a regular basis as part of its global real estate strategy. As part of this process, the bank has decided to start a sales process for the Hotel Savoy building. We will carefully assess all offers and potential investors.”
Credit Suisse plans to release its next financial report on Oct. 27.