Credit Suisse looking to sell Savoy Hotel in Zurich

Credit Suisse confirmed on Thursday that it is looking to sell its Savoy Hotel in the centre of Zurich's financial district.

A spokesperson told Reuters the bank regularly reviews its property portfolio as part of its global real-estate strategy.

"As part of this process, the bank has decided to start a sales process for the Hotel Savoy," she said. "We will carefully assess all offers and potential investors and communicate any decision in due course."

Finance blog Inside Paradeplatz first reported the news, saying that the building could be worth CHF400m.

Credit Suisse announced in 2020 that the hotel would be undergoing extensive renovations and closing its doors from early 2022 to mid-2024.