Orascom Development Rises on Ski Apartment Sales: Zurich Mover

Orascom Development Holding AG (ODHN), rose the most in more than six months after the Swiss hotel builder said that it had sold all the apartments in its Chedi Andermatt ski-resort project.

The stock rose as much as 8.2 percent, the biggest intraday advance since March 9, and was up 3.3 percent at 15.75 Swiss francs as of 11:33 a.m. in Zurich, giving the company a market value of 450 million francs ($485 million).

Orascom has sold the remaining 73 apartments at its Chedi Andermatt project for 122.7 million francs, the company said in a statement last night. The buyer was Acuro Immobilien AG, a real-estate investment vehicle in which Orascom Chairman Samih Sawiris is a minority shareholder, the Swiss construction company said.

The Chedi complex at the ski-resort of Andermatt consists of a five-star hotel with 50 hotel rooms as well as 106 apartments and 13 lofts and penthouses, according to the statement.

To contact the reporter on this story: Patrick Winters in Zurich at pwinters3@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.