IMMOFINANZ Group announces the signing of a purchase contract for 100% of the shares in Les Bains de St. Moritz Holding AG. The transaction is expected to close in March 2013, and the parties have agreed not to reveal any information on the buyer or the purchase price.
“This sale underscores the functioning of our concept of a real estate machine and the steady implementation of our strategy to withdraw from secondary markets and from the asset class hotel“, commented Eduard Zehetner, Chief Executive Officer of IMMOFINANZ Group.
The property in St. Moritz comprises a five-star hotel that is operated by Kempinski, the Casino St. Moritz and the exclusive Kempinski Hotel Residences as well as various annexes. It has approx. 34,000 sqm of usable space.