New Owner Plans to Open a Boutique Hotel at Lucerne’s Château Gütsch

Press Release, August 2007

UBS SA sold the Château Gütsch Hotel and the Gütsch funicular railway to Château Gütsch Immobilien AG, a subsidiary of the National Reserve Corporation (NRC). The bank, which has been holding a mortgage on the castle, bought the real estate in 2005 when it was auctioned off, and has had it partially renovated since.

Zug, Lucerne, 31 August 2007: The new owner plans to operate a hotel with a restaurant. The group – already active in the tourism and real estate market – operates luxury hotels in France, Italy and the Ukraine. NRC is particularly experienced in the management of Boutique Hotels. “We therefore plan to realise the concept of a Boutique Hotel in Lucerne as well,” says Anatoly Danilitzkiy, NRC’s CEO.

According to Markus Wassmer, the Swiss representative of the new Russian owner of Château Gütsch, detailed plans should be ready by the end of October at the latest. At the signing of the deed in Lucerne, he added that “the inauguration is planned for 2008.”

An extension of the capacities is envisaged on the medium term. To make sure the concept meets the highest luxury standards, the new owner will most likely organise an architecture competition. “We plan to revive a jewel of the Swiss hotel business,” comments Markus Wassmer, who adds: “The venerable funicular that leads up to the hotel will continue to be open to the public.”

For further information:
Béatrice Lombard, Comunet, 044 261 19 72 - 079 434 17 92
Dominique Gerster, UBS Media Relations, 044 234 85 00



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