Greece-based Grace Hotels has acquired the La Margna hotel, situated in the centre of St. Moritz in Switzerland, from the Schweizer-Pitsch family.
Following the acquisition, the company will undertake a modernisation and transformation programme to create a new hotel, called Grace St. Moritz, and luxurious serviced residences named Grace St. Moritz Residences, which are likely to be opened in 2014.
Grace Hotels CEO Philippe Requin said that the hotel is situated in one of the world’s most iconic resorts and is a worthy addition to the Grace family.
"The Engadine Valley is an area of outstanding natural beauty while St. Moritz itself remains one of Europe’s most exclusive destinations," Requin added.
"Following its illustrious history, we are proud to be taking La Margna into the next chapter of its evolution."
Following renovation, the hotel will include 36 rooms and suites along with several serviced apartments that will offer views of the lake.
The new property will also have three restaurants including a fine dining restaurant, a classic Swiss restaurant specialising in local cuisine and a casual restaurant offering all-day dining with a new martini and cigar bar.
The renovation plan includes a redesign of the Grace St. Moritz Spa to create a better retreat for therapy, wellbeing and relaxation.
Additional amenities at the hotel will include a new gym, swimming pool and upgraded skiing facilities with fully equipped ski room.
The hotel, which has been part of the Schweizer-Pitsch family for the past 50 years, will remain open as La Margna until the end of the 2013/14 skiing season.
St. Moritz is one of Switzerland’s highest resorts, situated at 1,800m, and offers many options for sports and recreation including hiking, guided snow shoe treks, paragliding, biking, golfing, inline skating, windsurfing, tennis and sailing.
Image: La Margna hotel. Photo courtesy of Grace Hotels.