PPF Real Estate Holding has agreed to acquire, for an undisclosed amount, Hilton Prague, a landmark hotel in the Czech capital, from Quinn Group Luxembourg Hotels, represented by the Irish Bank Resolution Corporation.
The transaction, subject to customary regulatory approvals, bolsters the hospitality and conference operations of the property management division of PPF Group. With nearly 800 rooms and about 5,000 sqm of conference space, Hilton Prague is the largest hotel in the Czech Republic and one of Europe’s leading conference venues.
“PPF Real Estate's strategy centres on a comprehensive approach to investment and management of the properties in our portfolio across all segments, including hospitality, conference, and concert venues. Investment into Hilton Prague fits our investment approach where we can create long-term and sustainable value through active management,” says Robert Ševela, PPF RE’s Chairman and CEO.
As E15.cz reported, the price for the transaction is expected to be around €300 million (CZK 7.5 billion).
Photo: VitVit /commons.wikimedia.org
