IMMOFINANZ Group has completed the sale of 100% of the shares in the Swiss Les Bains de St. Moritz Holding AG, the owner of the Kempinski Grand Hotel des Bains. The closing took place on 22 February 2013.
The new owner of this 7.5 hectare property, which is the site for the Grand Hotel, the Casino St. Moritz, the Kempinski Hotel Residences, the spa and various annexes, is an international investor. The sale price for the transaction exceeded the carrying amount.
Based on the carrying amount, the Kempinski was IMMOFINANZ Group’s most important property in the Hotel segment. “We have also started the sale process for two other recently renovated hotels – the Hilton Danube and the Leonardo Vienna. Our strategy to divest this asset class is now approaching completion“, indicated Eduard Zehetner, CEO of IMMOFINANZ Group.