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.