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Hotel Savoy Baur en Ville could face some tough competition

It has been announced that the property at number 5 Poststrasse, which adjoins Paradeplatz, has been acquired by the German multi-millionaire Karl Heinz Kipp.
This property, which until June was owned by the Hahnloser entrepreneurial family of Zurich, is currently let out to the Gassman fashion store and is directly opposite the five-star Hotel Savoy Baur en Ville in the same street.
According to Bilanz magazine, Kipp is worth between CHF 4 and 4.5 million and is president of the Tschuggen Hotel Group, which runs the luxury hotels Eden au Roc in Ascona, the Tschuggen Grand in Arosa and the Carlton in St Moritz, all of which also enjoy five-star status.
As this article in the Tages-Anzeiger newspapermentions, Kipp himself has confirmed the Tschuggen Hotel Group is the new owner of the building and consideration is being given to what might become of it, the possibility of it becoming a hotel not excluded. If this were to be the case, then the Savoy Baur en Ville at number 12 Poststrasse would face tough competition from directly opposite, literally.
As to the price of this building, no details were disclosed, though experts put its value at a low, nine-digit sum.

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