Exploitation of hotels, restaurants, accommodation facilities and small businesses. The company may undertake all movable and immovable property transactions and conclude all contracts that are of a nature to develop its purpose or relate directly or indirectly thereto; exercise any financial, commercial or industrial activity directly or indirectly related to its purpose; create branches or subsidiaries in Switzerland and abroad; participate in all enterprises having a direct or indirect relation to its purpose; grant loans or guarantees to shareholders or third parties, if this promotes its interests.