Christmas illuminations are seen at the Savoy Hotel Baur En Ville in Zurich.
ZURICH Reuters -- Beleaguered bank Credit Suisse is looking to sell its famed Savoy Hotel, located on Paradeplatz in the centre of Zurich's financial district, it said on Thursday.
A Swiss bank regularly reviews its property portfolio as part of its global real estate strategy, a spokesman said.
The bank has decided to start a sales process for the Hotel Savoy, as part of this process. We will make a decision on all offers and potential investors and communicate any decision in due course. The almost 200-year-old hotel closed this year to undergo a major refurbishment and will reopen as the Mandarin Oriental Savoy Zurich in 2024.
The finance blog Inside Paradeplatz reported that the building could be worth 400 million Swiss francs, which Credit Suisse has had to raise capital, halt share buybacks and revamp management after losing $5 billion due to the collapse of Archegos in March 2021, when it had to suspend client funds linked to failed financier Greensill.
It is working on possible asset and business sales in a bid to return to profitability. A source familiar with the situation said the sale had nothing to do with a strategic review due to be presented on October 27.