JLL’s Hotels & Hospitality group has been appointed by Avid Asset Management Ltd to advise exclusively on the sale of the 791-room Hilton Prague hotel.
JLL Hospitality and Hospitality Group has been appointed by Avid Asset Management Ltd to advise exclusively on the sale of the 791-room Hilton Prague hotel.
The Hilton Prague hotel is the largest in the Czech Republic and one of the largest conference and banquet hotels in the entire CEE region with over 7,000 m² of meeting space.
Located in the heart of Prague’s business district and just a 10-minute walk from the historic Old Town, this is the hotel of choice for VIPs visiting Prague, including US President Barack Obama.
Although impressively managed by Hilton, the short term remaining on the management agreement provides the new owner with structuring flexibility to enhance investment value. The hotel is in excellent condition with over 50 million euros invested since 2004 by the owners, including the refurbishment of all rooms and the addition of the fashionable “Cloud 9” sky bar in 2009 which offers a view unobstructed view of the city’s rooftops.
Christoph Härle, CEO EMEA of JLL Hotels and Hospitality Group, said: “The sale of Hilton Prague offers a rare opportunity for an investor to acquire a freehold hotel investment of the highest caliber, with an impressive operating history and limited capital expenditure liability. Prague as a city has become the leading conference destination in Central and Eastern Europe and shows a steady growth in the number of large-scale events held. The hotel is perfectly positioned to continue to benefit from this growing MICE (Meetings, Incentives, Conferences and Events) market with its world-class meeting space, general facilities and location in the heart of the business district.
Paul Morgan, CEO of Avid Asset Management Ltd, said: “Under our leadership in partnership with Hilton, the Hilton Prague has achieved impressive business growth over the past few years, coupled with significant capital investments to maintain the highest standards throughout the property. We believe that now is the right time to dispose of such an important asset, offering a new investor the opportunity to benefit from and continue to improve one of the best hotels in the Central and Eastern European region.
“Prague is improving as a hotel market, recovering steadily and steadily since the global recession of 2009. In August this year, the citywide RevPAR continued to show a 5.6% improvement compared to 2013 levels. We believe the city will show a growing profile over the next few years, cementing its position as the region’s leading tourist destination and conference destination. Added Harle.
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