A long-abandoned block near Old Town Square, bordered by Celetná and Železná streets, is being transformed into what is set to become the most luxurious hotel in Central Europe.

After years of delays, the grand opening is now expected this year. The project has been in development for several years, with an influential Israeli investor behind it.

“We expect completion within the next year. If necessary, we will request an extension from the city,” said Jiří Knop, project manager at Akroterion.

The rough construction phase has now been completed following extensive heritage restoration work. Developers have successfully integrated eight historic buildings into a single complex.

The renovation has revealed Renaissance-painted ceilings, wall frescoes, and stonework details, all while incorporating modern amenities such as elevators and an indoor spa.

Luxury Amenities and Unique Features

The hotel will feature an elegant bar, a stylish café, and several high-end boutiques. Some of the open courtyards will be covered with glass roofs, creating a sophisticated indoor dining space for the hotel’s restaurant.

The final phase of construction, set for this year, includes façade restoration and window replacements. In addition to its 84 rooms and serviced apartments, the hotel will offer state-of-the-art conference facilities, including one large hall and three smaller meeting rooms.

Backed by an Influential Investor

The project is being developed by Akroterion, a company controlled by Aaron Frenkel, a prominent Israeli businessman involved in real estate and aviation. Frenkel, who serves as the Vice President of the World Jewish Congress, owns several buildings in the area through Akroterion, while leasing others from the city.

The idea of a luxury hotel at this location has been in discussion for years. Initially, Ritz-Carlton was the leading contender to operate the hotel, but negotiations have yet to yield a final agreement. Other international luxury chains remain interested, though an alternative scenario sees the investor running the hotel independently.

Prague’s Expanding Luxury Hotel Market

The luxury hotel sector in Prague is booming, with multiple high-profile openings on the horizon. In mid-March, the first Czech branch of Sir Hotels, an Amsterdam-based boutique hotel chain, will open near the Dancing House. Housed in a historic building on Náplavní Street, the hotel will offer 76 rooms, including an exclusive suite in the tower.

Meanwhile, the long-awaited reopening of the former InterContinental Prague is scheduled for late March. Now rebranded as Fairmont Golden Prague, the hotel underwent a four-year renovation costing four billion crowns, making it the largest hotel investment in Czech history.

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