The creation, purchase, sale, construction, operation, organization and management of hotels and restaurants. The company may carry out, on its own account or on behalf of third parties, any commercial, industrial or financial operation directly or indirectly related to its purpose. The company may establish branches and subsidiaries in Switzerland or abroad. It may acquire participations in (and, more generally, participate in) any companies, regardless of their legal form, in Switzerland or abroad, having a direct or indirect connection with its purpose. The company may acquire, hold, manage and sell real estate, to the extent authorized by the Federal Law on the Acquisition of Real Estate by Foreigners. The company may grant loans or any other form of financing to direct or indirect shareholders, to companies of the same group and to third parties, as well as provide any kind of security for the direct or indirect benefit of direct or indirect shareholders, companies of the same group and third parties, in particular in the form of guarantees, pledges or fiduciary assignments as security on the company's assets, even if these loans, financings or securities are granted without the company receiving remuneration or consideration. The company may carry out any cash pooling activity on behalf of the group to which it belongs.
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