Pictet Alternative Advisors acquires Zurich Marriott Hotel

Pictet Alternative Advisors (PAA), through its Elevation II direct real estate fund and associated capital, in partnership with Vertell Asset Management, has acquired the Zurich Marriott Hotel.

Zurich Marriott

The prestigious hotel features 266 guest rooms and boasts a prime riverfront location, conveniently close to Zurich's historic city centre and the main train station. Having been operated by Marriott since 1996, the hotel benefits from strong brand recognition and a proven operational history. Extensive refurbishments have already been completed in its public areas and food & beverage outlets, and a guestroom renovation program is currently underway. As the new owner, the PAA-advised fund will oversee the completion of these renovations, ensuring the hotel maintains its five-star standards. Marriott will continue to manage the hotel's operations.

The Zurich Marriott Hotel provides one of downtown Zurich's largest dedicated meeting and event platforms, spanning 2,100 m2.

Zsolt Kohalmi, global head of Real Estate and deputy CEO of Pictet Alternative Advisors, commented: “We are delighted to have added this landmark asset in Zurich to our portfolio. We know Switzerland extremely well as our home market, and we look forward both to expanding our portfolio in the country further and to building on our successful track record of investing in luxury hotels and branded residences.”

Roman Lochowski, principal and Deal Execution Lead for Direct Real Estate at Pictet Alternative Advisors, added: “Swiss real estate, and hospitality in particular, are of long-term interest to us. The revival of investor interest in secure assets in stable regions, given global geopolitical stresses, only reinforces this longstanding conviction.”

Pictet Alternative Advisors has been advised by Baker McKenzie, BDO, CBRE, JLL, Drees & Sommer and AKD. The deal was brokered by HVS Hodges Ward Elliott.