AXA Real Estate Investment Managers (AXA REIM) started construction last week of the first Hilton Garden Inn hotel in Switzerland. The investor is planning to spend around CHF 50 mln (EUR 40 mln) to develop the hotel next to the conference centre in the city of Davos. Swiss construction group Baulink has been contracted for the development.
AXA Real Estate Investment Managers (AXA REIM) started construction last week of the first Hilton Garden Inn hotel in Switzerland. The investor is planning to spend around CHF 50 mln (EUR 40 mln) to develop the hotel next to the conference centre in the city of Davos. Swiss construction group Baulink has been contracted for the development.
The new hotel will offer 148 rooms, a spa area, as well as a bar and a restaurant on completion in November 2012. The investment is earmarked for AXA REIM's Immovation Institutional fund.
The property will be operated by international hotel chain Hilton, which has agreed to take a 20-year lease on the asset. Adjacent to the hotel, AXA REIM is also developing a modern, two-storey building offering office and retail space. The complex, to be realised by Baulink, will also house the Swiss construction company's head office in the city.
