Hotel Station sold for CHF 12.5 million

It has been announced that the Hotel Station on Baarerstrasse in the city has been sold to a company specialising in providing accommodation for expats on a short-term basis.
 
Jörn Gatermann, the owner the three-star hotel, confirmed that it had been sold to the Visionapartments company of Zug for CHF 12. 5 million, with work planned to convert the premises into 54 flats starting in July as the last guest checks out at the end of this month.
 
The German proprietor set up this Swiss Budget Hotel as recently in 2008 after acquiring the premises previously used as offices. Furthermore, it enjoyed occupancy rates of as high as 78%, recording net profits of CHF 1 million. So why is he selling? “You have to sell when all is going swimmingly,” he said, adding at the same time that he would be continuing to run his Hotel Fox in Lucerne.
 
Speaking on behalf of Visionapartments, Bastiaan Don, who is responsible for development, IT and communication at the company, said that, in addition to letting out flats to expats on a short-term basis, students may also be among the new tenants, as well as those, mostly men, looking for somewhere to stay while going through a divorce.
 
He said the rent for the fifty-four 20-square metre apartments would be around CHF 1,300. As mentioned, work is planned to start later this summer, with the first tenants expected to move in by October or November at the latest.
 
Visionapartments was set up in 1999 by Anja Graf, who also acts as its CEO, the company acquiring its first property on Militärstrasse in Zurich. Now the business runs as many as 30,000 flats and records an annual turnover of CHF 30 million.