Tuesday, 11 November 2025
Pytloun Hotels has purchased the building at Wenceslas Square 33 in Prague and plans to convert it into a five-star hotel scheduled to open in 2027. The property was acquired from VN33 Building, part of the Alca Group. Both parties agreed not to disclose the transaction price.
The building currently includes retail units, including a store operated by the fashion chain C&A. According to the company, the retail space will remain part of the scheme after the renovation. The planned hotel is expected to offer around 220 rooms. The acquisition will be financed through a combination of company funds and bank financing.
Pytloun Hotels already operates a hotel on the lower part of Wenceslas Square — the Pytloun Boutique Hotel Prague, opened in 2018. The company currently operates 15 hotels across the Czech Republic, mainly in Prague and Liberec, along with several restaurants. Pytloun Hotels was founded in 2003 by Lukáš Pytloun.
Alca Group, the seller, stated that its intention was to find a partner able to redevelop the building and give it a new use appropriate to its location.
Recent market data indicates increasing investor activity in the Czech hotel sector. According to figures published earlier by Cushman & Wakefield, hotel transactions in 2024 totalled EUR 153 million, a 28% increase year-on-year, although still below the 2019 pre-pandemic peak.
Tourism in Prague continues to recover. In 2024, accommodation facilities in the capital recorded 8.1 million guests, an 8.6% year-on-year increase, surpassing 2019 levels by roughly 35,000 visitors, according to the Czech Statistical Office.
