News Real Estate Fund Credit Suisse REF Hospitality Sells Hotel Krone Solothurn
Credit Suisse Real Estate Fund Hospitality is selling its building lot in Solothurn, encompassing the conversion and renovation project of Hotel Krone, to the Swiss Prime Investment Foundation (SPA).
Credit Suisse Real Estate Fund Hospitality, a real estate fund of Credit Suisse, is selling its building lot of Hotel Krone in Solothurn to the Swiss Prime Investment Foundation (SPA). The sale is subject to the approval of the Canton and City of Solothurn, as the land is owned by the residential municipality of the City of Solothurn and the Canton of Solothurn. The planning work for the conversion and renovation of Hotel Krone, which is currently vacant, is largely complete. Construction work is already under way, and will last around 18 months.
Fund manager Christophe Piffaretti stresses that the sale of the hotel is in keeping with the fund’s strategy to scale down the portfolio’s hotel component. The proceeds will be used to diversify the portfolio more broadly in terms of geographic allocation and usage types. The real estate fund’s investment focus is on completed hospitality properties (e.g. convention centers, student housing, health care properties, residences, and hotels) with long-term rental agreements.