The 791-room Hilton Prague, the Czech capital’s largest hotel, is on the market. Avid Asset Management has put the hotel up for sale. The company’s CEO, Paul Morgan, says that the hotel has seen impressive trading growth over the past few years and now is the right time to sell. JLL is advising Avid Asset Management.
The hotel’s operating agreement is expiring next year, which will allow the new owner to bring in a different operator or re-negotiate commercial terms. However, market sources say that Hilton would like to continuing operating the prominent Prague 8 hotel. Frederic Le Fichoux of the global hospitality group at Cushman & Wakefield is predicting interest from funds such as Starwood Capital, Mount Kellett or Blackstone.
