Davos: Unlucky InterContinental

Davos. The insolvency concerning the InterContinental Davos has had first consequences: Lucas Meier, fund manager at Credit Suisse Real Estate Fund Hospitality, resigned from his position. This week on Monday, Credit Suisse Real Estate Asset Management, which is responsible for the real estate funds and real estate investment foundations of the Swiss major bank, announced that the fund manager "decided to leave Credit Suisse after nearly three and a half years in order to take on a new challenge"; he had been responsible for the fund's fortunes since its launch in November 2010. The market sees this as a "sacrificial lamb" – too many questions remain unanswered.