Quinn International Property Management Ltd.
Represented QIPM in the investment sale of 226-room, 3-star Ibis Karlin Hotel in Prague. The property was at the end of its lifecycle with the need for capital improvements and renewal of the operating agreement. The hotel market was at the worst of the downturn and there was lack of debt financing available.
Step 1: C&W assessed the achievable selling price and confirmed the selling price with the owner. We prepared and distributed marketing material to a pre-selected pool of investors.
Step 2: We managed the offer process and maximised the exit to Quinn International Property Management.
Step 3: C&W negotiated the commercial conditions, respecting the best interests of the client and managed the process until closing.
Despite the numerous challenges, we have managed to keep the buyer motivated and closed the transaction at suitable conditions for Quinn International Property Management.
The property was sold to HPI Germany Hotelbesitz GmbH (owned by the Cheng family from Hong-Kong). HPI is planning to renovate the property to the lifestyle standard of Penta Hotels in the course of 2012.