Rocco Forte and Family Ltd has announced the sale of Le Richemond Hotel in Geneva to an investment-holding company represented by Cedar Capital Partners.
The Rocco Forte Collection will continue to operate the hotel under a management contract until at least the summer of next year, with a potential longer-term management relationship being subject to discussion and agreement between the parties.
Le Richemond, a 109-room luxury hotel, was opened in 1875 by the Armleder family and purchased in 2004 by Rocco Forte and Family (Luxury Hotels) Ltd, a company jointly owned by Rocco Forte and Family Ltd and the Bank of Scotland. The proceeds from the sale will be used to repay debt in the joint venture company.
Announcing the sale, Sir Rocco commented: "We said a year ago that we intended to sell Le Richemond hotel but only to the right buyer and at the right price. We are very satisfied with this transaction and it gives us the opportunity to develop a longer-term management relationship with a well respected hotel investment firm. The arrangement that is already in place provides clear continuity for the hotel's customers and staff in the near term."
He added: "As the Rocco Forte Hotels brand is now well established, we are driving our expansion through management contracts. We have already won contracts to manage hotels in Abu Dhabi, Jeddah, Cairo and Marrakech, and expect to announce more additions to our portfolio in the New Year."
Source: The Rocco Forte Collection