Apr 19, 2024

Prague’s Four Seasons Hotel is Now for Sale

The American investment group Northwood Investors is selling the Four Seasons Hotel Prague, located near the Charles Bridge.

According to Hospodarske Noviny, citing three independent sources, Northwood, which has owned the hotel since 2014, is closest to finalizing a deal with Renáta Kellnerová.

While the purchase will be a personal investment by Kellnerová through her recently formed superholding Amalar, it will remain separate from the PPF Group.

Market estimates place the Four Seasons at a price tag of approximately CZK 3.7 billion (EUR 150 million). Northwood acquired the property a decade ago for nearly 80 million euros from the Irish investment group Avestus.

This sale coincides with a surge in premium hotel offerings on the market, including the Imperial and Sanssouci spa hotels in Karlovy Vary and the Trade Union-owned Imperial Hotel in Prague.

Consultancy Cushman & Wakefield reports that nine hotels were sold in the Czech Republic last year, with most investments concentrated in Prague and originating from abroad.

The Czech hotel industry experienced a significant rebound in occupancy rates in 2023, approaching pre-pandemic levels.

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Nationwide occupancy reached 71%, a 7% decrease compared to 2019. Room rates, however, climbed by 10% year-on-year.

In Prague specifically, the average nightly rate witnessed a 20% increase to an average of €110.

Amalar Holding, established by the Kellner family last autumn, encompasses all their investments, including PPF.

Renáta Kellnerová sits on the board alongside her daughters, Anna, Lara, and Maria.

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