Cushman & Wakefield’s Hospitality Team was the exclusive representative of St. Wenceslas Property Fund (SWPF) during the sale of the Vienna House Easy Chopin Prague hotel. The hotel is situated in the centre of Prague in Opletalova Street. The new owner is Hotusa Hotels, a Spanish hotel chain that already operates two hotels in Prague but has not owned one until now. Vienna House Easy Chopin Prague has 80 rooms and belongs to the economy hotel class.
“This transaction shows that hospitality operators have regained confidence in the Czech market and are beginning to be active on the acquisition side too. The yield in this transaction slightly exceeded 6%,” says David Nath, Head of Central & Eastern European Hospitality Team at Cushman & Wakefield. “Following the arrival of Leonardo Hotels as the occupier of the Fusion Hotel this year, we have seen a constant increase in the popularity of the Czech hospitality market with an increasing number of international hotel brands looking to be represented in Prague,” adds Mr Nath.
“Our investment fund owned Vienna House Easy Chopin Prague Hotel from 2005. We made the decision to sell it last year as the lifecycle of one of our real estate funds, which included Vienna House Easy Chopin Prague, came to its end,” says Katalin Szável, Managing Director at Hunter REIM CZ, the company that manages SWPF. “In the future we plan to focus exclusively on retail properties in the Czech Republic,” Ms Szavel adds.