S Immo, belonging to CPI Property Group, has sold the heritage-protected Juliš Hotel on Prague's Wenceslas Square, reports Hospodarske Noviny.
S Immo only stated that the building was acquired by an unnamed Czech investor. According to the real estate cadastre, the new owner of the hotel is a company whose ultimate owner is the British Ambra Development Group, with real estate investor Petr Němeček listed as a person with significant control in the British register. He is a partner in several companies, for example in Center Perfect Hotels, ATN Invest or Kan Prague Invest, the server writes.
"The price could have reached CZK 380 to 430 million (€15 to 17 million) just for the hotel part of the building. If the rented retail spaces were also part of it, the price would be significantly higher," HN quotes Jan Adámek, owner of the consulting company Jan Hospitality.
S Immo board member Tomáš Salajka stated that the sale of the Juliš hotel is another successful step in the optimisation of the company's portfolio. According to its report, CPI Group sold offices, hotels and commercial real estate for €980 million (CZK 24.8 billion) in the first half of this year. The reason is the increase in debt due to the takeover of the Austrian companies Immofinanz and S Immo. The bridging loan of €2.7 billion, which the group took out for this, has already been repaid.
