Luxury hotelier Jumeirah Group, owned by the Dubai ruler’s investment vehicle Dubai Holding, has acquired its first hotel in Switzerland, as it seeks to diversify its portfolio and boost global presence. 

Located on the banks of Lake Geneva, the over a century old Le Richemond hotel is the company’s fifth property acquired in Europe, joining The Carlton Tower Jumeirah and Jumeirah Lowndes Hotel in London, UK; Capri Palace Jumeirah on the island of Capri in Italy; and Jumeirah Port Soller Hotel & Spa in Mallorca, Spain. 

“This is an important acquisition for Jumeirah as it marks our entry into Switzerland presenting guests with a prestigious address to stay in the heart of Geneva’s most desirable destination, as well as serving as a gateway to world-renowned ski resorts,” said Katerina Giannouka, CEO of Jumeirah Group. 

The art deco hotel first opened its doors at the heart of Geneva’s business district in 1875. The acquisition forms part of Jumeirah Group’s strategy to “build its brand profile in gateway destinations across the world”, according to a statement on Monday. 

Jumeirah Group said it is focused on expanding its global presence and targets "strategic gateway" destinations.

The 109-room property will undergo extensive renovations as soon as possible “to reposition and elevate the guest experience to a level consistent with” the Dubai hotelier’s brand. 

Jumeirah Group is part of Dubai Holding, the investment vehicle of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. 

Dubai Holding operates in more than 13 countries and employs more than 20,000 people. It has more than AED 130 billion ($35.4 billion) worth of assets in its portfolio. 

(Reporting by Cleofe Maceda; editing by Seban Scaria)