CBRE, the global real estate advisor, has been appointed to sell the Hilton Prague, the largest branded hotel in the Czech Republic, on behalf of the Irish Bank Resolution Corporation (IBRC).
The property comprises more than 81,000 square metres, 791 refurbished guestrooms, six food and beverage outlets, extensive leisure facilities and approximately 5,000 square metres of conference space.
'Value Levers'
“For investors looking for a market landscape with unmet demand, the European MICE market offers healthy, long-term fundamentals,” said Kenneth Hatton, head of hotels, Europe at CBRE.
“However, this sub-sector has suffered from under-investment, resulting in a scarcity of product that is able to meet contemporary demand effectively. As a result, there are few assets in Europe as well-equipped as the Hilton Prague to meet the needs of today’s events market and, with the value levers that will be available to an incoming owner, we anticipate investor interest to be extensive.”
Riverside Position
The Hilton Prague opened in 1989 and €50 million has been invested into the asset since 2018.
The property is close to the Czech headquarters of global corporations and government agencies.
The Hilton Prague occupies a riverside position where the city centre meets the Karlín office hub.
Prospective Further Growth
Ownership has also invested in the prospective further growth of the events business, and the hotel now benefits from planning approval to build a new conference centre extension of a further 5,000 square metres.
CBRE claims this provides significant revenue-growth potential that could cement its position as the leading hotel in the Meetings, Incentives, Conferences and Events (MICE) market in the Central and Eastern Europe (CEE) region.
