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One of the largest conference hotels in CEE at the heart of a dynamic and improving hotel market
Prague, 07 November, 2014 – JLL's Hotels & Hospitality Group has been instructed by Avid Asset Management Ltd to exclusively advise on the sale of the 791-guestroom Hilton Prague hotel.
The Hilton Prague hotel is the largest in the Czech Republic and one of the largest conference and banqueting hotels in the entire CEE region with over 7,000 sq m of meeting space. Located in the heart of Prague’s corporate district and only 10 minutes’ walk from the historic Old Town, this is the hotel of choice for VIP’s visiting Prague, including US President Barack Obama.
Although impressively managed by Hilton, the short term remaining on the management agreement offers a new owner the structuring flexibility to enhance investment value. The hotel is in an excellent condition with over €50m invested since 2004 by the owners, including the refurbishment of all the guestrooms and the addition of the fashionable ‘Cloud 9’ sky bar in 2009 that offers stunning views of the city’s skyline.
Christoph Härle, CEO EMEA of JLL Hotels and Hospitality Group said: “The sale of the Hilton Prague offers a rare opportunity for an investor to acquire a freehold hotel investment of the highest calibre, with an impressive operating history and limited capital expenditure liability. Prague as a city has evolved into the primary conference destination in CEE and is showing consistent growth in the number of large scale events hosted. The hotel is perfectly positioned to continue to benefit from this growth in the MICE (Meetings, Incentives, Conferences and Events) market thanks to its world class meeting space, general facilities and its location in the heart of the corporate district.”
Paul Morgan, CEO of Avid Asset Management Ltd said: “Under our stewardship in partnership with Hilton, the Hilton Prague has achieved impressive trading growth over the past number of years, coupled with extensive capital investment to maintain the highest standards throughout the property. We believe this is the right time to dispose of such a prominent asset, offering a new investor the chance 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, steadily and consistently recovering since the global recession in 2009. In August this year, city wide RevPAR continued to show improvement on 2013 levels by 5.6%. We believe the city is likely to show a growing profile in the next few years, consolidating its position as the primary tourist destination and conference destination in the region.” Added Härle.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $50.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
In Russia and CIS JLL has offices in Moscow, St. Petersburg and Kiev. JLL, Russia & CIS was voted Consultant of the Year in 2004, 2006, 2007, 2008, 2009, 2010, 2011, 2012 , 2013 and 2014 at the Commercial Real Estate Awards, Moscow; Consultant of the Year at the Commercial Real Estate Awards 2009, St. Petersburg and The Best Real Estate Consultancy in Ukraine at the Ukrainian Property Awards in 2013.
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