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Richemond hotel in Geneva is sold to Cedar Capital

News Rocco Forte and Family Ltd. has recently got rid of the luxury hotel in Geneva. The buyer is the investment company, which is represented by Cedar Capital Partners. The sum of the deal is not disclosed. The hotel will continue working at least until summer 2011 under the managing contract with the previous owner.

Le Richemond hotel in Geneva has long and respected history. The 135-year-old property was bought by Rocco Forte in 2004 in a joint venture with Bank of Scotland. The company hasn’t been able to cover the debt, so the funds from the agreement will be used to pay the bills.

After the deal the Rocco Forte Collection will be concentrating on managing activities. The company has already won several contacts concerning managing new hotels in Marrakech, Jeddah and Abu Dhabi.

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