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Strategic Hotels sells InterContinental Prague hotel for €110.6 million

News Strategic Hotels & Resorts Inc. has decided to get rid of one of its hotels in Prague (the capital of Czech Republic). A luxury 372 room InterContinental Prague hotel will be sold to an investment group run by a subdivision of Westmont Hospitality. The sum of the deal estimates €110.6 million, what means approximately €297,000 per key. The agreement isn’t yet concluded, but all legal aspects of this deal will be settled in the last quarter of this year.

InterContinental Prague hotel currently has a third-party debt that estimates as much as €9 million. Moreover, there’s around €2 million of restricted cash that relates to this property.

Commenting the deal, Laurence Geller (Strategic Hotels CEO) has said the company is very pleased about the agreement made with Westmont Hospitality. Currently Strategic Hotels uses “strategic disposition strategy” and tries to settle its operations in Europe.

InterContinental hotel in Prague is located at Vltava riverside just several minutes away from the heart of the city. Among the places of interest nearby the hotel are The Old City, Karlov Bridge, and the Jewish Quarter.

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