Prestigious Prague Hotels Up for Sale: Deals Worth Billions of Crowns

Despite a relatively successful hotel season this year, with European tourists once again flocking to Prague, several of the city’s prestigious hotels have been put up for sale.

Following media reports about the potential sales of the Hilton and Four Seasons hotels, it has come to light that they are not the only properties on the market.

The five-star Andaz Hotel, belonging to the American Hyatt chain, is currently up for sale for around CZK 3.5 billion. Located in the center of Prague on Senovážné Square, this news was confirmed by several sources familiar with the negotiations.

“We are unable to comment on this matter at the moment,” said Lenka Fabian, Director of Marketing and Communications for the Andaz Hotel, when asked about the sale.

This luxury hotel was developed through an expensive reconstruction of the former Cukrovarnický Palace, a neoclassical-style building on Senovážné Square.

The palace, built between 1912 and 1916 by the Sugar Millers’ Association and designed by architects Theodor Fischer and Josef Zasche, served various functions after World War II.

After the fall of communism in 1989, it came under the ownership of the now-bankrupt Investment and Postal Bank and later ČSOB. The building’s transformation into a hotel was overseen by UBM Development Czechia.

Lingering Impact of the Pandemic

The sales of these high-profile hotels are mostly handled discreetly, with offers circulating privately. Industry experts point to the lingering effects of the COVID-19 pandemic as the main reason why many global players are now divesting from their Prague hotel holdings.

Prague’s largest hotel, the Hilton on Pobřežní Street, which features around 800 rooms and over 7,000 square meters of conference space, is also on the market. The property has hosted notable guests, including former US presidents Barack Obama, Bill Clinton, and George W. Bush, and is expected to sell for approximately CZK 7.5 billion.

Another iconic property, the Four Seasons, which is located along the waterfront near the Charles Bridge, is also seeking a new owner. This luxury hotel has accommodated Liverpool footballers, world leaders, and celebrities like Madonna. Its asking price is set at CZK 3.6 billion.

Meanwhile, there was speculation regarding the potential sale of the Mandarin Oriental hotel in Malá Strana, but the owners have recently denied any such plans.

Would you like us to write about your business? Find out more