Skip to content Skip to Search
Skip navigation

Jumeirah Group adds Swiss hotel to European portfolio

Le Richemond in Geneva wqas established in 1875
Le Richemond in Geneva first opened in 1875

Jumeirah Group has expanded its footprint in Europe by acquiring its first property in Switzerland.

Le Richemond, a hotel in in Geneva’s business district, has 109 keys – 87 rooms and 22 suites – as well as panoramic views of Lac Léman and Mont Blanc.

Katerina Giannouka, who was appointed chief executive officer of Dubai’s Jumeirah Group last Septembe, said the property would undergo “extensive renovations” ahead of a scheduled reopening in 2025.

The hotel, which first opened in 1875, closed in August 2020 because of the Covid pandemic.

“Le Richemond is a legendary property with a 140-year legacy and impeccable pedigree, and we are committed to preserving this heritage as we redesign the hotel,” Giannouka said.

“As the gateway to the mountains of Europe, Geneva is strategically significant for us as we look to diversify our portfolio in major cities with both summer and winter resort destinations.”

A Jumeirah statement added that the company would be introducing its wellness and fitness concepts as well as “bringing its culinary expertise to the banks of Lake Geneva”.

The property is Jumeirah’s fifth in Europe, joining the Carlton Tower Jumeirah and Jumeirah Lowndes Hotel in London, UK; Capri Palace Jumeirah on the Italian island of Capri; and Jumeirah Port Soller Hotel & Spa in Mallorca, Spain.

Christopher Lund, executive director and head of Mena hotels at consultancy Colliers, said the acquisition “comes at a time when the Middle East is gaining a lot of interest from the rest of the world, following successful mega-events, the launch of mega-projects, global destination marketing initiatives, and mega-investments, when many other countries are in cautious mode.

“Bringing the Jumeirah brand to Geneva will undoubtably benefit its own brand, but will also benefit the wider branding of the Gulf countries.”

Ali Manzoor, head of hotels & tourism at CBRE Middle East, said: “Jumeirah has always been a well-respected operator, and their business model has historically favoured asset ownership over management contracts. As such, with acquisitions such as this, Jumeirah continues to expand at a sustainable rate while retaining complete asset control. 

“Not only does this give them complete freedom in terms of preserving the brand identity, but their role as both asset owner and asset operator incentivises them to operate as efficiently as possible.”

Jumeirah Group, a part of Dubai Holding, operates a 6,500-room portfolio across 26 hotels and resorts in Europe, the Middle East and Asia.

Latest articles

Boat, Transportation, Vehicle

Bahri withdraws bid for Danish logistics company

Saudi shipping giant Bahri has withdrawn from the race to acquire Deutsche Bahn’s logistics unit Schenke, according to a news report. The CVC-led consortium, including Abu Dhabi Investment Authority (ADIA) and GIC, and DSV, a Danish logistics group, are the only two contenders left, Reuters reported, citing unnamed sources. Bahri’s offer was the highest at […]

Aramco pipelines

BlackRock-led investors to refinance Aramco Pipelines stake

Investors in Saudi Aramco’s gas pipeline network, led by BlackRock, the world’s largest asset manager, are planning to issue $3 billion in bonds to refinance a loan that backed their purchase of a stake in the network.   The consortium of investors took a $13.4 billion bridge loan in 2021 to acquire a 49 percent stake […]

Over the first half of the year Sanad Group signed deals with international airlines including Asiana Airlines and Deucalion Aviation

Mubadala-backed Sanad Group reports 53% revenue growth

Sanad Group, the Abu Dhabi-based global aerospace engineering and leasing company, has seen revenues increase by more than half over the first six months of the year. Figures released to AGBI show revenue totalling AED2.3 billion ($620 million) was reported in the first half of the year, up from AED1.5 billion over the same period […]

Malaysia’s HSS Engineers Berhad and its emirati consultancy HSS signed the deal top oversee construction with the Baghdad municipality

UAE company in joint venture to build Baghdad metro

A Malaysian engineering company and its UAE affiliate have jointly won a $316 million contract to oversee the construction of the new Baghdad metro. The building of the planned 148-kilometre network and its 64 stations across the Iraqi capital was slated to begin this month and end in 2029. This timeline might be delayed, however, […]