Market Overview

Extensive renovation of the interior of the 'Savoy Hotel Baur en Ville'

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The Board of Directors of Savoy Hotel Baur en Ville AG has decided to carry out an extensive renovation of the interior of the Savoy Hotel Baur en Ville at Paradeplatz in Zurich. This grand hotel will therefore close its doors in early 2022 for a period of around two-and-a-half years, before reopening in mid-2024. Once it reopens, responsibility for the management of the hotel will be transferred to Mandarin Oriental Hotel Group, the award-winning operator of some of the world's most luxurious hotels, resorts and residences. The hotel will then be known as 'Mandarin Oriental Savoy Zurich'.

Credit Suisse Group AG, principal shareholder of this grand building at Paradeplatz in Zurich, regards the renovation of the Savoy Hotel Baur en Ville as a reflection of its commitment to Zurich as a location for five-star-plus hotels, as well as to the collection of historic buildings at Paradeplatz.

The interior will be renovated in accordance with the plans of the renowned Paris-based interior designer Tristan Auer. According to the plans for the construction project that will be submitted to the planning authority of the city of Zurich tomorrow, the total number of rooms will be reduced from 104 at present to 80 and they will be fully redesigned. In future, a smaller number of rooms will thus be available, and guests will benefit from more spacious accommodation. The meeting and event rooms on the first floor will also be included in the renovation, and the Historic Buildings Conservation department has already been consulted regarding those plans. The structure of important features such as the Grand Ballroom and Guildroom of the 'Zunft zur Gerwe und zur Schuhmachern' will be preserved. The lobby and catering concepts will be fully redesigned. No alterations will be made to the façade of the hotel complex other than the change to the name of the building itself and a minor modification to the entrance area on Poststrasse.

In addition to the changes to the interior of the building that will be noticeable to future guests, the renovation will include the upgrading of technical installations and systems as well as environmental upgrades in order to reduce the CO2 emissions of the Savoy by more than half once renovated.

The transfer of the management of the hotel to Mandarin Oriental will secure the degree of continuity and professionalism required for the hotel's operations, as well as providing access to a global network that has become of key importance to operate successfully in the highly competitive luxury hotel sector. Operational management of the hotel by Mandarin Oriental will not result in any changes to the ownership of the Savoy, which will continue to be owned by its existing shareholders.

About the history of the Savoy Hotel Baur en Ville
The Hotel Baur en Ville was opened on December 24, 1838, by Johannes Baur, a journeyman baker from Vorarlberg, Austria, and it became the first grand hotel in the city of Zurich. The hotel was renovated in 1857 and in 1907, and it had a total of 170 rooms when it reopened in June 1908. Between 1975 and 1978, the hotel closed its doors and underwent another major renovation. The façade was carefully dismantled in order to be reconstructed with historical accuracy. Since then, the Savoy Hotel Baur en Ville has had 104 rooms and suites and several function rooms.

Credit Suisse
Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit Suisse group of companies (referred to here as 'Credit Suisse'). Our strategy builds on Credit Suisse's core strengths: its position as a leading wealth manager, its specialist investment banking capabilities and its strong presence in our home market of Switzerland. We seek to follow a balanced approach to wealth management, aiming to capitalize on both the large pool of wealth within mature markets as well as the significant growth in wealth in Asia Pacific and other emerging markets, while also serving key developed markets with an emphasis on Switzerland. Credit Suisse employs approximately 48,800 people. The registered shares (CSGN) of Credit Suisse AG's parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.
 

Disclaimer
This document was produced by and the opinions expressed are those of Credit Suisse as of the date of writing and are subject to change. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of Credit Suisse to any person to buy or sell any security. Any reference to past performance is not necessarily a guide to the future. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but Credit Suisse does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

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