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WEF is a huge economic factor for Davos. Both hotels and apartment owners will be able to benefit from crazy nightly prices during WEF week.
The serviced apartment model is particularly profitable: This refers to fully furnished apartments built by hotels and sold to private individuals who live there for only a few weeks a year. During the remaining period, the hotel rents out the apartments and pays commission to the owners.
This also applies to the Hard Rock Hotel (4+ stars) in the heart of Davos GR. Its owner, International Hospitality Services AG (IHS), offered a total of 15 hotel apartments for sale after the opening of Hard Rock Hotel Davos in 2017. Now 17 more hotel apartments will be added.
A huge investment
The investment volume is 20 million francs. Spengler’s Inn, next to the Hard Rock Hotel, will be demolished. New residences are planned to be built here by the end of 2024. Sales started and the first flats were sold.
According to Marika Zanoletti (60), who is responsible for the sales of residences at Hard Rock Hotel Davos, the price of the smallest apartments starts from 700 thousand francs, while the cost of the largest is 1.8 million francs. “This corresponds to the usual local prices,” she says. The hotel apartment includes a kind of carefree package: the apartment is not only furnished, cleaned and maintained by the hotel, but the owner always includes parking, breakfast at the hotel and a visit to the spa.
Zanoletti says owners can use the apartments for up to eight weeks a year, or even “on a daily basis.” When rented to other guests, 60 percent of the room turnover is given to the owner. The WEF week alone generates a significant return covering maintenance costs and mortgage payments. But even without the WEF, according to Zanoletti, hotel apartments provide a return, as is clearly evident in 2021 when there is no WEF in Davos.
There are serviced apartments and holiday home options in the mountains, despite the second housing law.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
