CBRE has advised on the sale of the Hilton Prague for the Irish Bank Resolution Corporation, marking the largest single-asset hotel transaction ever recorded in CEE. Czech group PPF has purchased the asset.
Hilton Prague is the largest branded hotel in the Czech Republic and one of Europe’s leading conference and events hotels. It comprises 791 rooms, six food and beverage outlets, extensive leisure facilities and approximately 5,000 sqm of conference space.
Occupying a riverside position where the city centre meets the Karlín office hub, the property is also close to the Czech headquarters of renowned global corporations and government agencies.
The Hilton Prague has benefitted from the strong resurgence of travel and corporate demand post-pandemic. The previous owners invested heavily in its continued success, with over €50m invested in the asset since 2018.
„There are few assets in Europe as well-equipped as the Hilton Prague to meet the needs of today’s global events market and, as we anticipated in July last year, investor appetite was significant throughout the bidding process. This transaction, the largest single hotel asset sale ever recorded in the CEE region, showcases the attraction of major European cities that have a blend of both business and leisure demand, as well as the resurgence in corporate and therefore investor demand for quality, well-positioned meetings and events hotels,“ commented Kenneth Hatton, Head of Hotels, Europe at CBRE. CBRE did not disclose the final price of the transaction.
