Austrian listed property firm CA Immo has announced the sale of two hotel assets in the Czech Republic as part of plans to refocus on its core office business.
Austrian listed property firm CA Immo has announced the sale of two hotel assets in the Czech Republic as part of plans to refocus on its core office business.
The CEE developer-investor, which owns €3.6 bn of assets, is looking to divest over time its entire hotel package representing around 6% of its total portfolio.
The company has sold the 13,800 m2 Europort Airport Center hotel located at the Prague Airport as well as the 195-room Diplomat Center in Pilsen, which was bought as a forward purchase with completion in summer 2007. The hotel provides 10,000 m2 and is operated by the US Marriott International.
The company did not disclose the transaction price, but a company spokesperson indicated it was a double-digit amount.
Cushman & Wakefield and law firm PRK advised on the deal.
