The operation and management of hotels, restaurants and buildings, as well as all commercial activities related to the hospitality and restaurant industry, wine and gastronomy. The company may establish branches and subsidiaries in Switzerland and abroad and invest in other companies in Switzerland and abroad and carry out all activities that are directly or indirectly related to its purpose. The company may acquire, encumber, transfer and manage real estate in Switzerland and abroad, excluding all real estate transactions prohibited by the Federal Act on the Acquisition of Real Estate by Foreigners (LFAIE). It may also provide financing, guarantees and securities for its own account or for its associates, subsidiaries and third parties.