Raffles Education Corporation is acquiring a hotel and facilities, seven commercial units and a plot of land with teaching building and dormitories, in Nendaz, Switzerland.
The total consideration for the acquisition is CHF29.12 million ($39.8 million). The group intends to start a hospitality management school, a design school and a Swiss International Baccalaureate school in Switzerland using the facilities at the Colonie.
The Colonie is a 12,000 square metres of land with two buildings for use as teaching rooms, accommodation and canteen, as well as basketball court and lawns. The Colonie is owned by the Sports Department of the Swiss Canton, Neuchatel.
The hotel sits on 5,910 square metres of land. It has a total built-up area of 9,895 square metres consisting of 62 hotel rooms, restaurants, bars, conference room and facilities, 47 car park lots and a 2,200 square metres well equipped spa. The hotel was completed in December 2013 and has since been leased out to a hotel operator for a period of 10 years.
The commercial units, owned by an individual, occupies 911 square metres and are located at the ground floor of the hotel complex. Currently, four of the units are rented out with the remaining intended for own use.
Raffles Education said the acquisition of the hotel will enable students to gain valuable hospitality experience through internships at the hotel. The commercial units will allow the group to conduct short courses.
The acquisitions will be funded through a combination of bank borrowings and internal resources, said the company.
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