PRAGUE, CZECH REPUBLIC—JLL’s Hotels & Hospitality group has advised Blackstone on the sale of the Hilton Prague Old Town and the adjacent 6,900 sq. m. (approximately 74,270.98 sq. ft.) mixed-use commercial building, Gestin Centrum, to Singapore-based M&L Hospitality Trust.
“2016 has been a year characterized 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, EVP, European transactions in JLL’s Hotels & Hospitality Group.
The Hilton Prague Old Town is a 303-bedroom freehold property in the heart of the city’s historic center. 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.