Credit Suisse plans to sell the Savoy Hotel in Zurich

ZURICH, Oct 6 (Reuters) – Embattled bank Credit Suisse (CSGN.S) is seeking to sell its famous Savoy Hotel, located on Paradeplatz in the center of Zurich’s financial district, it said on Thursday.

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

“As part of this process, the bank has decided to initiate a sale process for the Hotel Savoy,” she said. “We will carefully evaluate all offers and potential investors and communicate any decision in due course.”

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

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

Credit Suisse had to raise capital, suspend share buybacks, cut its dividend and reorganize its management after losing more than $5 billion following the collapse of investment firm Archegos in March 2021, when he also had to suspend client funds linked to bankrupt financier Greensill.

He worked on possible asset and business sales with the goal of returning to profitability. A source familiar with the situation said the sale had nothing to do with a strategic review that was due to be presented on October 27.

($1 = 0.9795 Swiss francs)

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Reporting by Noele Illien Editing by Mark Potter

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