HVS Hodges Ward Elliott brokers sale of the future Intercity Zurich Airport 

LuLu Group International’s hospitality investment arm, Twenty14 Holdings, has entered into an agreement to acquire, on completion, the future Intercity Zurich Airport from Swiss developer Necron AG. The 260-room purpose-built hotel, located close to Zurich Airport, represents Abu Dhabi-based LuLu Group and the Intercity brand’s first entry into the Swiss market. The hotel is scheduled to open in 2020 and will be operated by Deutsche Hospitality under a 20-year lease agreement. Necron is a Swiss-based real estate development and investment company with a focus on commercial real estate in Switzerland, the Netherlands and Germany. HVS Hodges Ward Elliott acted as the seller’s agent in this transaction.

First Sponsor acquires former Grand Hotel Puccini, Milan 

Singapore-based First Sponsor Group has bought the vacant and unleased former Grand Hotel Puccini in Milan for €9.3 million (€143,000 per room) from Fondo Kona, BNP Paribas’ real estate alternative investment fund. The 65-room property is subject to an ongoing dispute between the building’s ex-tenant and the seller, which is expected to be cleared by the end of 2019.

Disclaimer: Information provided above has been gathered from various market sources. HVS has not independently verified the accuracy of the information provided. Interested parties should not rely on the information as statement of facts and are advised to make their own independent checks to verify the information provided. For further information, please feel free to contact HVS London.