The FINANCIAL — JLL’s Hotels & Hospitality group has advised Blackstone on the sale of the Hilton Prague Old Town and the adjacent 6,900 sq m mixed use commercial building – Gestin Centrum – to Singapore based M&L Hospitality Trust.
“2016 has been a year characterised by continued capital flows from Asian institutional investors into the European hotels and hospitality market and this latest transaction is part of a trend which we believe will continue well into 2017,” said Patrick Saade, Executive Vice-President, European transactions in JLL’s Hotels & Hospitality Group.
The Hilton Prague Old Town is a well-established 5 star, 303-bedroom freehold property, in a prime location at the gates to the Old Town, at the heart of Prague’s historic centre. It was acquired by Blackstone as a Renaissance in 2006 as part of a larger portfolio deal and subsequently converted to a core brand Hilton in 2007.
M&L Hospitality Trust is an international real estate investment platform specialising in hotels, and with offices in Amsterdam, Singapore and Sydney, according to JLL.