GENEVA Rocco Forte and Family Ltd. has sold the 109-key luxury Le Richemond Hotel, Geneva, to an investment-holding company represented by Cedar Capital Partners.
The purchase price has not been disclosed. The Rocco Forte Collection will continue to operate the hotel under a management contract until at least next summer.
The 135-year-old hotel was purchased in 2004 by Forte in a joint venture with Bank of Scotland. The proceeds from the sale will be used to repay debt in the joint venture company.
“We said a year ago that we intended to sell Le Richemond Hotel, but only to the right buyer and at the right price,” Rocco Forte says. “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 Rocco Forte Collection is pursuing an asset-light strategy of expanding through management deals. “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,” Forte says.