by Ákos Budai | Investment

Blackstone has sold the Hilton Prague Old Town hotel and Gestin Centrum, an adjacent 6,900 sqm mixed use commercial building, to Singapore-based real estate investment group M&L Hospitality. JLL’s Hotels & Hospitality group advised Blackstone on the sale.


The Hilton Prague Old Town is a 5 star, 303-bedroom hotel, located at the gates to the Old Town, in the heart of Prague’s historic centre. It was acquired by Blackstone as a Renaissance in 2006 as part of a larger portfolio deal and subsequently converted to a core brand Hilton in 2007.
 
M&L Hospitality Trust is an international real estate investment platform specialising in hotels, and with offices in Amsterdam, Singapore and Sydney. It owns hotel in Singapore, Australia, New Zealand, the United Kingdom, Belgium and the Netherlands. 

“2016 has been a year characterised by continued capital flows from Asian institutional investors into the European hotels and hospitality market and this latest transaction is part of a trend which we believe will continue well into 2017,” said Patrick Saade, Executive Vice-President, European transactions in JLL’s Hotels & Hospitality Group.