When searching a 5-star hotel in Prague, many luxury travelers preferred to stay at Hilton Prague Old Town. Indeed, this hotel in the Czech capital has become very popular with tourists due to its prime location right at the gates of the Old Town and quality service. However, it was not enough for JLL’s Hotels & Hospitality Group. The hotelier reported the sale of the property.
The new owner of the Hilton Prague Old Town is already known. This is Singapore-based company M&L Hospitality Trust. According to JLL’s Hotels & Hospitality Group, there is a definite trend of Asian capital coming to the European hospitality market and this deal is another proof of that. Investors from Asia showed increased interest in purchasing hotels in Europe in 2016, and the capital flow is expected to continue in 2017. Together with the hotel JLL’s sold Gestin Centrum the adjacent 6,900 sq. m building for commercial use.
The Hilton Prague Old Town is a famous 5-star hotel with 303 bedrooms, which enjoys location right in the heart of the historic center of Prague. The hotel was purchased in 2006. At that time it was a Renaissance-branded hotel, which was converted to a Hilton a year later. The new owner has not yet revealed their plans about the hotel.