The company's purpose is to hold real estate and operate hotels and restaurants. The company may establish branches, sales outlets and subsidiaries in Switzerland and abroad, participate in other companies in Switzerland and abroad, acquire, establish or lease businesses, and carry out all commercial, financial and other activities that directly or indirectly promote or are related to the company's purpose. The company may acquire, encumber, sell and manage real estate in Switzerland and abroad. The company is part of a group of companies and may consider the interests of this group in pursuing its corporate purpose. In particular, the company may grant loans and other direct or indirect financing to its direct and indirect subsidiaries, including its direct and indirect shareholders and their direct and indirect subsidiaries, and provide security for their liabilities of any kind, including by way of pledges on or fiduciary transfers of the company's assets or guarantees of any kind, whether paid or unpaid.