It only took 20 years to accomplish, but the city of Prague has approved a contract with the company Akroterion for the creation of a Ritz Carlton hotel on Old Town Square. Akroterion had been renting the four buildings that will be transformed into the luxury hotel for two decades before its lease was revoked five months ago by Prague’s city council. The city considered building flats in the buildings instead, but in an abrupt change of direction, returned to the negotiating table. The new lease contract with Akroterion includes provisions for higher rent to be paid, along with a fine of a CZK 10 million, but the hope is that reconstruction work could begin by the end of the year. Akroterion secured a building permit for the construction in 2014, but conservation officials aren’t satisfied with the project. “Our goal is to prove to the city that we’re a quality and reliable partner,” said director Ogi Jakšič.
