News Article Czech Republic hotel investment Penta Investments Prague
by Property Forum | Hotel

Several big new hotels are to be open in Prague in the next few years. Most of them will be operated by multinational chains and most of them will be the reconstructions of historical sites, except only two new of them that are planned by Penta Investments. For one of them, Penta obtained a €38.5 million loan from the Komerční banka, writes

Komerční banka has signed a €38.5 million loan agreement with Penta Real Estate to finance the completion of a 382-room hotel under construction at the intersection of Hybernská and U Bulhara streets. The total cost was estimated by Penta last year at CZK 1.2 billion (€48.9 million). Komerční banka was a co-financing partner of the project at the stage when Penta bought the land from ČD in early 2018, the daily reported.

The author of the design of the new Motel One hotel is the Czech architectural studio Schindler-Seko. The new hotel, which is being built on the site of the original brownfield site near Masaryk railway station, is scheduled for completion in early 2024.

Penta Real Estate is also currently building a 166 rooms hotel in another brownfield site, Nová Waltrovka in Prague 5, with a 20-year lease with the operator Deutsche Hospitality.