A hotels in Prague was sold for 108 million euros

A hotels in Prague was sold for 108 million euros

InterContinental Prague, a five-star hotel in the heart of Prague, has changed the owner. The former owner of the hotel, an American real estate operator Strategic Hotels & Resorts Inc completed the sale of InterContinental Prague to the Westmont Hospitality Group. The final amount of the transaction was 108 million euros.

According to CEO Laurence Geller, the purchase of such a famous hotel in Prague is a continuation of the company's policy to increase the presence in the hotel market in Europe.

InterContinental Prague is a business hotel of Prague 5 *, located on the banks of the river Vlatva on the corner of Jewish Quarter in the heart of the famous “Parizka” shopping area in Prague. On the 9 floors of the hotel are located 372 rooms. The building was constructed in 1968-1974. In 1992-1995 in the hotel was held a reconstruction of the facade. In 2002, in the InterContinental Prague was reconstructed interior of the hotel. The hotel has a restaurant, Zlata Praha. Architect of the hotel is one of the most renowned Czech architects Jan Boczan, who also created a number of significant buildings of the Czech Republic, including the building of the railway station in Prague.

Westmont Hospitality Group is one of the largest companies in the U.S., which owns and operates hotels throughout the world. Annual revenues are estimated at $700 million. Westmont Hospitality Group hotels offer its services under such internationally known brands as Ramada, Sheraton, IHG, Hilton, Accor, Radisson, Wyndham and others. The company's headquarters is located in Houston, Texas.

Date: 21/12/2010