CPI Property Group has sold another hotel on Prague's Wenceslas Square, reports SeznamZprávy.cz. After the Juliš Hotel, this is the building that houses the Ramada Hotel and the largest Central European bookstore.
The Austrian real estate company S Immo, which is part of the CPI Property Group (CPIPG) group, has sold its second hotel on Wenceslas Square in the centre of Prague. It completed the sale of the Ramada Hotel three months ago. It had previously disposed of the Juliš Hotel.
CPI Property Group has been heavily selling buildings from its real estate portfolio in recent years to reduce its high debt. Last year, CPIPG sold an iconic building in Bucharest, an office building in Zagreb, a commercial property in Milan and residential properties in Germany and Britain, or, for example, office buildings in Vienna. It collected over 1.5 billion euros for them.
According to the Commercial Register, the new owner of the property on Wenceslas Square is Atlanis. The price has not been disclosed, but it was estimated at over a billion crowns.
