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CZECH REPUBLIC CPI sells stake in hotel portfolio

Hotels
CPI Property Group has sold a 50 pct stake in a subsidiary that owns eight hotel properties in the Czech Republic to Bratislava-based Best Hotel Properties (BHP), with whom it has also signed a JV agreement for the continued management of the hotels.

The gross transaction value comes to app. EUR 347 mln, out of which total the 50 pct stake accounted for EUR 173 mln.

The joint venture includes such hotels as the Clarion Congress Hotel Prague, Mamaison Residence Downtown Prague and Comfort Hotel Prague City East, as well the 50 pct stake in subsidiary CPI Hotels, which operates the portfolio and will continue to do so under the JV.

CPIPG is excited to work with BHP and sees this partnership as an opportunity to share operational knowledge and take our hotel portfolio to the next level.
David Greenbaum, the CEO of CPIPG

CPIPG intends to use the net proceeds received from the deal for debt repayments.

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