News Article Czech Republic development hotel Prague reconstruction redevelopment
by Property Forum | Hotel

The Ritz-Carlton luxury hotel, which is to be built in the heart of Prague after the renovation of eight historic buildings, and was delayed is now moving forward again. The long-planned construction of a five-star hotel was supposed to be completed last year, but the new completion date is now set for 2025 at the earliest. The reconstruction will also include 26 apartments for long-term rent, writes

A luxury Ritz-Carlton hotel is being built right in the historic centre of Prague, on Old Town Square. Decades in the making, the construction of this luxury hotel was slowed by the Covid pandemic and archaeologists, but now it is progressing again. The builder is already completing the rough construction, which is the result of the reconstruction of local historic buildings and will be finishing the interiors in the next two years, according to The hotel was supposed to be finished last year, but construction was delayed by the pandemic and archaeological findings.

The five-star hotel complex will open in a historic complex of eight houses on Old Town Square between Celetná, Kamzíková and Železná streets, unofficially known as Sixtův palác. Investor Akroterion estimates that it could happen in mid-2025. "It's always complicated with old buildings because you run into something that delays construction every now and then. That's where covid comes in," said Akroterion CEO Ogi Jakšić. He said the delays have made the construction more expensive, costing the investor less than a billion crowns. The hotel would have about 100 rooms, a restaurant, a spa and conference facilities. The architectural design is by MS Architects. The houses have been dilapidated for many years, although their reconstruction has been planned since 1995.

In 2018, Prague's management even ran out of patience with the failure to meet contractual deadlines - the hotel was supposed to be completed in 2017 - and considered terminating the lease agreement for Akroterion in the four buildings that still belong to the city. The other four buildings are owned by the investor. In the end, however, new contracts were signed with higher rents and a promise to complete the hotel by 2022. The project is also to include 26 apartments for long-term rent. Every few months, therefore, municipal officials visit the site to check whether the investor is meeting the conditions set out in the lease agreements and whether it is adhering to the timetable. The city accepted the postponement of the opening date of the hotel.