Swiss PrimeSite AG and its partner, Motel One Group, have completed the hotelconversion of an office building in Basel, Switzerland.

The company said it partnered with the hotel group at theend of 2013 for two hotel projects in Basel and Zurich that involved theconversion of two office buildings.

After converting a 1930s-era office building at FreienStrasse 68 into a 143-room hotel, Motel One is opening its first budget designhotel in Basel in July. Swiss Prime said it invested roughly CHF22 million inthe project in the past two years.

The Zurich project is slated for completion in summer 2017,and the development will have around 400 rooms.

The company said the conversion projects reflect itsstrategy of "attractively structuring" its portfolio, and it alsosigned multiyear rental agreements with Motel One Group to secure sustainablerental incomes.