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Luxury hotel conversion ‘teeters near bankruptcy’

A longstanding project to transform a belle epoque hotel overlooking Lake Geneva into luxury apartments for wealthy clients such as NBA basketball star Tony Parker has been halted amid financial difficulties.

Published: 25 January 2016 09:51 CET

Luxury hotel conversion 'teeters near bankruptcy'

Photo: RTS

Renovations of the Hôtel du Parc at Mont Pèlerin, above Vevey in the canton of Vaud, have stopped after 15 contractors sought legal action for non-payment of bills totalling 2.5 million francs, broadcaster RTS reported at the weekend.

A Geneva company called Swiss Development Group (SDG) acquired the large, 113-year-old hotel, with its sweeping views over the lake and the Alps, in 2008.

It announced plans to convert the building into 22 apartments ranging in price from four million to 23 million francs ($3.94 million to $22.6 million), including what was billed as the “largest penthouse on the Swiss market”.

Parker, the French basketball star, “fell in love with the place” in 2010 when he signed a contract to move into the building that was scheduled to be finished in 2012.

The building was marketed as Du Park Residences with a “prime location on the Riviera” and staffing from the Kempinski hotel chain, offering the “ultimate in luxury living”.

But the renovations were never finished and neither Parker nor any other purchaser has moved into the building, which has been abandoned amid the “fiasco”, RTS said in its report.

The broadcaster attempted to contact the project’s Geneva promoter without success.

SDG counted among its shareholders Ilyas Khrapunov, the son of a former cabinet minister in Kazakhstan Viktor Khrapunov, targeted since 2011 by an investigation into money laundering, RTS said.

The company was subsequently taken over by an unidentified Geneva financier, who did not respond to inquiries about the project, according to the report.

SDG issued a statement to RTS saying that the company met on January 21st to confirm a bankruptcy reprieve that will make completion of renovations possible.

It is is not clear whether this arrangement involved any fresh injection of financing.

Find out more about the luxury project through the promotional video below:

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Checklist: What you need to do if you move house in Switzerland

Anyone who has ever moved, whether in Switzerland or elsewhere, knows it is not just a matter of simple logistics.

In fact, whether you are relocating to another town or canton, or just to another neighbourhood, moving is a big, expensive, time-consuming, and stressful experience.

These are various tasks you will have to cross off your list, one by one.

Getting your old apartment in order

It goes without saying that before you move out, you must make sure to leave the place clean and in order. Most people hire a cleaning company to do so, though you can, of course, do this yourself.

If, for instance, you broke or damaged anything while living in the apartment, you must repair it before you leave.

The condition of the apartment will be assessed during the final inspection process, when the landlord or the management company will write down all damages which you are responsible for either repairing yourself or paying someone else to do it for you.

You are not officially off the hook with your previous landlord until this process is completed.

De-register your old address and register the new one

Whether you are moving across the country or just across the street, this is an obligatory step.

You must let your ‘old’ commune’s population office (Einwohnerkontrolle / Contrôle des habitants/ Controllo abitanti) know you are leaving, and from which date.

You can do so either in person or (if available) online.

Then, when you settle in a new home, you have 14 days to announce your arrival in your new municipality, though in some places the deadline may be longer.

You will need the following documents:

A passport or ID card for each member of the family, in addition to a passport-sized photo for everyone
Documents relating to your family status — whether you are single, married, and with children
Your work or residency permit
Your lease contract or proof of home ownership
Your health insurance card or proof of your current health insurance policy.

The rules are the same regardless of where you arrive from, that is, if you are Swiss, an EU citizen or from a third country, however the supporting documentation may vary.

Some cantons may require other or additional documents, which you can find out ahead of time on your commune or canton’s website.

READ ALSO: Why you need to tell Swiss authorities where you live

Inform the post office about your change of address

To ensure that your mail arrives at your new home, fill out the ‘change of address’ form online at least four days before your move.

Four days is a minimum required time for the post office to process the address change and register it in the electronic database.

If you wait longer, your mail will continue to be delivered to the old address.

You also should notify these companies of your move and new address:

Your mobile telephone / internet provider (if you still have a fixed phone, you should have it switched off at the old address and re-activated at the new one)
Your bank
Your insurance companies (health, car, and any other ones you have, both mandatory and optional)
Your doctor / dentist

If you forget to inform anyone of your new address, no worries — the post office will automatically forward the letters to you, provided your notified them of the change (see above).

What about the tax office?

You don’t have to do a thing.

Your local commune will automatically inform tax authorities of your move, so there is no chance whatsoever that they won’t find you.

Rental versus owned property

If you move into a rental property, you don’t need to, in most cases, notify utility providers like the electric company of your move.

But if you are going to live in your own house, then you must let the local power company know to switch on your electricity supply.

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