PPF Group acquires Hilton Prague, the largest hotel in the Czech Republic

PPF Group, owned by Renáta Kellnerová and her family, has completed the acquisition of Quinn Hotels Praha, the owner of Hilton Prague, the largest hotel in the Czech Republic. The transaction, facilitated by CBRE, represents the largest single hotel property sale in Central and Eastern Europe. Although the purchase price was not disclosed, previous estimates by Hospodářské noviny suggest the deal was worth several billion Czech crowns.

“There are few hotels in Europe as well-equipped to serve the needs of today’s global congress tourism market as Hilton Prague. Investor interest was high throughout the selection process, as we anticipated last July,” said Kenneth Hatton, head of CBRE’s European Hotels Division.

Since 2018, Hilton Prague has received over €50 million (approximately 1.3 billion CZK) in investments aimed at modernization, according to CBRE. The Czech Office for the Protection of Competition approved the sale in late January. Originally built as the Atrium Hotel, the property was completed in 1991 by Čedok in collaboration with French company CBC Paris. The hotel spans 11 floors and features 791 rooms, having hosted numerous dignitaries, including U.S. Presidents Bill Clinton, George Bush, and Barack Obama, along with various film and music celebrities. The congress center within the hotel offers approximately 5,000 square meters of conference space.

Quinn Hotels Praha is owned by Irish investors, with its sole shareholder being Quinn Group Luxembourg Hotels, according to its 2023 annual report. The company reported a net turnover of 1.3 billion CZK in the previous financial year but ended 2023 with a loss of 160 million CZK, compared to a 239 million CZK profit in 2022. The company’s valuation, based on an independent CBRE assessment, stood at €250.4 million (over six billion CZK) as of December 2022.

PPF Group has confirmed that PPF Real Estate facilitated the acquisition of Quinn Hotels Praha. Reports indicate that PPF Group and billionaire Michal Strnad have formed a joint venture for real estate investments. Since December 19, 2023, Majestic Hospitality has been registered in the Commercial Register, with PPF Real Estate holding 70% and Strnad’s Industry SPV owning 30%. This partnership was established shortly after PPF announced the agreement to acquire Quinn Hotels Praha.