Jelmoli Holding, one of Switzerland's leading retail and real estate companies, has acquired 39% of Seiler Hotels' share capital, bringing its total share ownership in the luxury hotel chain to 80%. Jelmoli, listed on the Swiss stock exchange SWX, acquired a 36% stake in 2005 and a further 5% in 2006.
Jelmoli Holding, one of Switzerland's leading retail and real estate companies, has acquired 39% of Seiler Hotels' share capital, bringing its total share ownership in the luxury hotel chain to 80%. Jelmoli, listed on the Swiss stock exchange SWX, acquired a 36% stake in 2005 and a further 5% in 2006.
Seiler Hotels Jermatt has owned luxury hotels in the centre of the Zermatt, a village near the Italian border drawing thousands of tourists each year, for the past 150 years. Jelmoli plans to continue the Seiler family’s historically sustainable development of this portfolio. Seiler, with Roberto Seiler as chairman of the board of directors, will still play an active role in the company’s activities. Current development projects continue as planned.
The news follows the recent collapse of Jelmoli’s EUR 2 bn property sale to Delek Global, who said that the portfolio’s adjusted price did not ‘adequately reflect the change and continuing uncertainty in the global commercial property market’. The company also said that with the deal falling through, it is considering an initial public offering for its real estate portfolio.
Jelmoli had in July announced the sale of its Swiss real estate portfolio to the consortium, which comprised Igal Ahouvis Blenheim Properties Group, Delek Global Real Estate and its parent Delek Belron International.
