Corinthia sells Panorama Hotel Prague to S+B Gruppe [Infographic]

by | Sep 29, 2019 | Chains

Prague’s ever-changing skyline. (Photo: Property Forum)

The Czech Republic’s hotel investment market recorded ten hotel transactions for a total of €530 million this year, one of which was the sale of the Panorama Hotel.

The Czech Republic’s hotel investment market grew by more than 100% and has recorded ten hotel transactions for a total of €530 million this year. In the past, the average yearly transaction volume reached €250 million.

Panorama Hotel Prague changes ownership

Following the trend of the many recent high-profile hotel sales, the 4-star, 440-room Panorama Hotel Prague just changed ownership.

With the assistance of Cushman & Wakefield, Corinthia Hotel Group sold it to S+B, an Austrian investor.

Frederic Le Fichoux, Partner & Head of Hotel Transactions for Continental Europe at Cushman & Wakefield said: “The strong interest from investors with a diverse source of capital and origin proves again that Prague and the CEE region are increasing their appeal for hotel investors.”

With six of this year’s ten transactions amounting to €483 million and taking place in Prague, the Czech capital is the undisputed hotspot for hotel sales.

Four of these sales were executed by Cushman & Wakefield which gives them enviable experience in this market. In the past five years, they brokered 25 transactions.

Other high-profile transactions in recent years include the 2017 sale of the Hotel Diplomat to the Thai investors at U City and the 2019 sale of the Don Giovanni Hotel to the Norwegian investor Wenaasgruppen.

A unique opportunity for investors

The Panorama sale is different because it not only included the hotel, but also a neighboring lot in the heart of the city’s business district which has great potential for development.

This has opened several options including creating a separate project on the plot which could include offices, shops and/or residences or tearing down the existing hotel to make room for a new mixed-use development spanning both plots.

More hotel sales expected in Prague

Magsud Rahmanov, Senior Hotel Investment Advisor for Continental Europe at Cushman & Wakefield said: “Judging from the record number of interested parties and strong offers from a diverse pool of capital the property has received, the appetite for value-add hotel investment opportunities in Prague is high. Therefore, we can expect more hotel transactions to happen in the coming months.”

According to the TOPHOTELCONSTRUCTION online database 9 hotel projects are currently in the pipeline for the Czech Republic:

Let’s take a look at a few more upcoming hotel projects by Corintia Hotels:

Corinthia Grand Hotel Astoria

Corinthia Hotel & Residences Meydan Beach

Corinthia Hotel Moscow

CHI Hotels & Resorts (CHI) is a leading hands-on hotel management company that provides the full range of technical assistance and management services to hotel owners worldwide.

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